Relevium Provides Regulatory Update on Previously Announced Initiatives and Transactions
MONTREAL, June 02, 2020 (GLOBE NEWSWIRE) — Relevium Technologies Inc. (TSX.V: “RLV”, OTC: “RLLVF” and Frankfurt: “6BX”) (the “Company” or “Relevium”), as a requirement in order to obtain final regulatory approval for its private placement as announced on Monday May 25, 2020, is pleased to provide a full update on the developments and transactions announced over the last 12 months.
The last 12 months have been challenging for the Canadian capital markets. Two major events have had material impacts on Canadian listed companies: (1) A major correction in the cannabis market and more recently (2) the COVID-19 pandemic.Relevium, like many other companies related to cannabis, experienced a significant decrease in its market valuation, which was proportional to the average decrease in value of all cannabis companies trading on both the CSE and TSX. The COVID-19 pandemic has also created a new challenge for businesses around the world, and the economic consequences of the pandemic have been felt by all, large and small companies alike.This news release aims to provide shareholders with an update on initiatives and transactions announced previously, which had been and some still are subject to the unusual contexts of both major events described above.LIST OF MAJOR DEVELOPMENTS AND TRANSACTIONSCORPORATE UDPATEItems 1,2,3,5 and 9 are subject to regulatory filing and approval. 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.
DELAYED FILING OF INTERIM DISCLOSURE DOCUMENTS PURSUANT TO TEMPORARY RELIEF GRANTED BY REGULATORS DUE TO COVID-19On May 27, 2020, Relevium announced that it would be delaying the filing and delivery of certain of its continuous disclosure documents, in accordance with Decision No 2020-PDG-0023 of the Autorité des marchés financiers (Québec) (the “Exemption”),which was adopted for the purpose of providing certain filing and other relief to issuers in light of the challenges posed by the COVID-19 pandemic.The Company is relying on the Exemption by delaying the filing of its quarterly financial statements and related management discussion and analysis (“MD&A”) for the period ended March 31, 2020 required pursuant to National Instrument 51-102 Continuous Disclosure Obligations and the filing of the related certifications(collectively, the “Required Filings“) and compliance with the delivery requirements of applicable securities laws relating to the Required Filings. The Company intends to file the Required Filings by July 14, 2020.There have been several material events that have taken place since the filing of the Company’s financial statements and MD&A for the quarter ended December 31, 2019. These include the passing of Dr. Tina Sampalis, the launch of the Bioganix Cleancare hand sanitizers and the closing of a private placement for $1,799,000, all of which are described in detail above under “Corporate Update”.Blackout in Effect for Management and Other InsidersIn accordance with the Corporation’s Securities Trading Policy, the officers and directors of the Corporation and certain other persons will remain subject to a trading black-out pursuant to which such persons are prohibited from trading in any securities of the Corporation until such time the Required Filings are filed on SEDAR and a corresponding news release is issued by the Corporation.
The Company endeavours to keep shareholders informed about its progress through online shareholder updates and news releases.About Relevium TechnologiesRelevium 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