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Relevium Issues Corporate Update on MCTO and Filing of Financial Statements

Relevium Technologies Inc
·5 min read

MONTREAL, Jan. 06, 2021 (GLOBE NEWSWIRE) -- Relevium Technologies Inc. (TSX.V: “RLV”, OTC: “RLLVF” and Frankfurt: “6BX”) (the “Company” or “Relevium”) announces an update on its ongoing disclosure obligations and to its previously disclosed management cease trade order ("MCTO"), announced on October 27, 2020, with respect to the audited annual financial statements for the year ended June 30, 2020, the interim financial statements for the first quarter of operations for the three months ended September 30, 2020 and the corresponding management's discussion and analysis for both filings (collectively, the “Required Financial Filings”) that were not filed by the required filing deadline of October 28, 2020 for the annual financial statements and November 30, 2020 for the interim financial statements (the “Filing Deadlines”).

The Company has received further extensions on the Filing Deadlines concerning the Required Financial Filings, which must be submitted at the earliest possible date and not later than January 15, 2021. As such, the management cease trading order or MCTO will be in effect until the Required Financial Filings are filed and requires that the Required Financial Filings be filed.

Until the Required 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.

Aurelio Useche, CEO of Relevium stated: “The delays in the filings of the required financials were due to two major facts. First, the Company retained new auditors, RSM Canada LLP, which normally means the additional burden of a learning curve. The second reason has been the effect of the COVID-19 pandemic on preparation of the preparation files, new disclosures and valuation assessments” Mr. Useche stated further: “We continue to work diligently with our new auditors to complete both periods as soon as practicably possible.”

About Relevium Technologies

Relevium is a publicly traded Company that operates in the health and wellness industry 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. The Company recently entered the PPE business as part of its strategy through acquisitions and partnerships 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 harbor.

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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