MONTRÉAL, Dec. 18, 2021 (GLOBE NEWSWIRE) -- Relevium Technologies Inc. (the “Company” or “Relevium”) (TSXV: RLV) is providing an update to its previously disclosed management cease trade order ("MCTO"), announced on November 1, 2021, in respect of the audited annual financial statements and corresponding management's discussion and analysis for the year ended June 30, 2021, including the CEO and CFO certifications (collectively, the “Annual Financial Filings”) that were not filed by the required filing deadline of October 28, 2021 (the “Filing Deadline”).
BI-WEEKLY MCTO UPDATE
As previously disclosed, the Annual Financial Filings were not filed on or before the Filing Deadline due to audit resource scheduling and availability required to complete the financial statements and disclosures.
The Company is working expeditiously on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings by January 31, 2022. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The MCTO will be in effect until the Annual Financial Filings are filed and requires that the Annual Financial Filings be filed on or before January 31, 2022.
Until the Annual Financial Filings are filed, the Company will issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there have been no material business developments or other material information relating to its affairs as of the date of this news release that have not been generally disclosed.
Yesterday, on December 16, 2021, the Company announced that in the month of December it secured two PPE contracts valued at CAD$11million and CAD$5 million respectively to supply a total a total of 180 million medical grade nitrile gloves. The Company also announced that on December 15, 2021, the Company delivered 127.5 million medical grade nitrile gloves, representing 100% of the first contract for a total value of CAD$11M. The Company expects to deliver the second contract in the month of January 2022.
SHARES FOR DEBT SETTLEMENT
Relevium is pleased to announce the out of court settlement between the Company and Weedsense Inc. On October 16, 2019, the Company signed an SPA which was not a final contract between the parties but rather the framework of a contract to be completed once the suspensive condition consisting of a regulatory approval of the transaction was fulfilled.
The Company and Weedsense have agreed to settle their dispute concerning the proceedings out of court in shares for a total amount of $75,000 payable in common shares of the Company with a deemed price of the higher of either a 10-day VWAP prior to issuance of the shares or $0.02.
This transaction is subject to the approval of the TSX Venture Exchange, which was submitted and is pending review.
About Relevium Technologies Inc.
Relevium is a publicly traded Company that operates in the health and wellness industry, including legal cannabis, with a primary focus on online distribution. The principal business of the Company is the identification, evaluation, acquisition and operation of brands and businesses in the health and wellness markets and medical cannabis. The Company pursues its business strategy through an acquisition and partnership model in a holistic approach to encompass a wide range of health and wellness consumer products. Relevium operates through two wholly owned subsidiaries:
BGX E-Health LLC (BGX), based in Orlando, Florida, markets dietary supplements, nutraceuticals, sports nutrition, and cosmeceuticals primarily through its Bioganix® brand portfolio in the US and Europe. Relevium’s premium brands are sold at some of the world’s largest retailers including Walmart.com and Amazon.com.
Biocannabix Health Corporation (BCX), based in Montreal, Quebec, is a biopharma nutraceutical Company focused on delivering pediatric endo-medicinal nutraceuticals for cannabinoid therapy.
Cautionary Note Regarding Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian and United States securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions, or expectations of future performance, are forward-looking statements and contain forward-looking information. Generally, forward- looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", or "would" occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek to rely on the applicable safe harbour.
On Behalf of the Board of Directors
RELEVIUM TECHNOLOGIES INC.
Aurelio Useche
President and CEO
For more information about this press release: Tel: +1.888.528.8687
RELEVIUM TECHNOLOGIES INC
Email: investors@releviumcorp.com
Website: www.releviumtechnologies.com
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