MONTREAL, Dec. 2021 (GLOBE NEWSWIRE) – Relevium Technologies Inc. (the “Company” or “Relevium”) (TSXV: RLV) provides an update to its previously disclosed cease trade order (“MCTO”), announced on November 1, 2021, with respect to the audited annual financial statements and the corresponding MD&A for the year ended June 30, 2021, including the certificates of the CEO and CFO (collectively, the “annual financial documents” ) that have not been filed by the required filing deadline of October 28, 2021 (the “Filing Deadline”).
MCTO BI-WEEKLY UPDATE
As previously indicated, the annual financial documents were not filed by the filing deadline at the latest due to planning and the availability of audit resources required to complete the financial statements and disclosures.
The Company is working diligently on the steps required to complete the annual financial documents and expects to be able to file the annual financial documents by January 31, 2022. The Company will provide updates as more information relating to the annual financial documents will be available.
The MCTO will be in effect until annual financial documents are filed and requires that annual financial documents be filed no later than January 31, 2022.
Until annual financial documents are filed, the company will issue default status reports every two weeks in accordance with National Policy 12-203 – Management Cessation Orders. The Company intends to comply with the provisions of the Alternative Disclosure Guidelines during the period in which it remains in default of meeting the filing requirements. The Company confirms that there has been no material business development or other material information relating to its business as of the date of this press release that has not been generally disclosed.
Yesterday, December 16, 2021, the company announced that in December it had entered into two PPE contracts worth C $ 11 million and C $ 5 million respectively to provide a total of C $ 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 C $ 11 million. The Company expects to deliver the second contract in January 2022.
DEBT SETTLEMENT ACTIONS
Relevium is pleased to announce the amicable settlement between the Company and Weedsense Inc. On October 16, 2019, the Company signed a SPA which was not a definitive contract between the parties but rather part of a contract. to be completed once the suspensive contract condition consisting of regulatory approval of the transaction has been fulfilled.
The Company and Weedsense have agreed to settle their dispute regarding the out-of-court proceedings in actions for a total amount of $ 75,000 payable in common shares of the Company with a deemed price of the greater of a 10-day VWAP prior to l issue of the shares or $ 0.02.
This transaction is subject to the approval of the TSX Venture Exchange, which has been submitted and is pending review.
About Relevium Technologies Inc.
Relevium is a publicly traded company operating in the health and wellness industry, including legal cannabis, with a primary focus on online distribution. The main activity of the Company is the identification, evaluation, acquisition and operation of brands and businesses in the health and wellness and medical cannabis markets. The Company pursues its business strategy through an acquisition and partnership model in a holistic approach to encompass a wide range of consumer health and wellness 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 United States 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 nutraceutical biopharmaceutical company specializing in the supply of pediatric endomedicinal nutraceuticals for cannabinoid therapy.
Caution regarding forward-looking statements
This press release includes certain statements and information that may constitute forward-looking information within the meaning of applicable securities laws in Canada and the United States. All statements contained in this press release, other than statements of historical fact, including statements regarding 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 “intent” or “anticipates”, or variations of such words and phrases or statements as certain actions, events or results. “May”, “could”, “should” or “would” occur. Forward-looking statements are based on certain important assumptions and analyzes 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 which may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by these forward-looking statements or forward-looking information.
Although the management of the Company has attempted to identify material 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 actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results are not those anticipated, estimated or anticipated. . 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. Therefore, 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 statements, forward-looking information or financial outlook which are incorporated by reference herein, except in accordance with applicable securities laws. We seek to rely on the applicable Safe Harbor.
On behalf of the board of directors
RELEVIUM TECHNOLOGIES INC.
President and CEO
For more information on this press release: Tel: +1.888.528.8687
RELEVIUM TECHNOLOGIES INC
Email: [email protected]
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