MONTREAL, Oct. 29, 2018 (GLOBE NEWSWIRE) --
Relevium Technologies Inc. (TSX.V:“RLV”, OTCQB:“RLLVF” and
Frankfurt: “6BX”) (the “Company”
or “Relevium”) is pleased to
provide a corporate update and summarized discussion on the results
for its first year of operations since the acquisition of
Bioganix®.
Corporate Update
BGX E-Health, a wholly-owned
subsidiary of Relevium Technologies, has achieved significant
milestones in it’s first twelve months of operations, including the
integration of the operations of its Nutraceutical online retail
business with over 40 trusted products in the US and has commenced
the commercial expansion into the European markets, the launch of
four products, the extension of its products through the Bioganix®
Gold Series brand offered exclusively through Walmart.com and the
introduction of over 13 new high end products into its mainstream
Bioganix® brand.
During the reporting period, the company
partnered with Hempco Canada and Curaçao Ecocity Projects N.V. to
conduct an initial test launch of hemp derived nutritional products
and aloe based nutritional and cosmetic products through its online
assets. Shortly after the reporting period, the Company announced
it would launch a line of hemp derived, organically grown, whole
plant CBD products under its new brand LeefyLyfe® in the European
market.
Biocannabix Health Corporation,
a wholly owned subsidiary of Relevium Technologies, has been
focused on securing the health Canada license for its facility in
Ville Saint-Laurent, Quebec. During the reporting period, the
Company selected the lead consultant for the project and secured
the location for operations. After the reporting period,
Biocannabix announced a strategic investment into Cannakids.org, a
California based medical cannabis company focused on Pediatric and
Geriatric applications. The Company also secured the Canadian
exclusive rights to Cannakids formulations and Standard Operating
Procedures to develop the Pediatric and Geriatric markets in Canada
(see subsequent events note 23 to the Consolidated Financial
Statements as filed on Sedar October 26, 2018).
“We have achieved significant milestones
this year, including the rationalization of acquired classic
product line of Bioganix®, the development of strategic
partnerships to add value to the trusted products of the brand and
the Hemp CBD product line in Europe. Perhaps the most telling of
the developments of the Company is the focus of Biocannabix into
pediatric and geriatric applications through its initial investment
into Cannakids. We expect this to be the successful foundation for
the bio-medical cannabis business of the company,” said
Aurelio Useche, CEO.
Summarized Results for the fiscal year
ended June 30, 2018
Sales for the fiscal year 2018 were $4,152,824
(nil in 2017) with a gross profit or $2,279,524 or 55% gross
margin. Net comprehensive loss was $2,908,635 for fiscal 2018
compared to a net comprehensive loss of $2,584,738 for fiscal 2017.
Net cash used in operating activities was $2,360,856 for
fiscal 2018 compared to $1,289,023 in fiscal 2017, including
non-cash items of $1,681,376 in 2018 compared to 1,506,307 in
2017. The company ended the year with $2,075,050 in cash and
cash equivalents and a negative working capital of $532,187
primarily due to long-term debt booked as short-term debt, which
was subsequently converted into equity. (see subsequent events
note 23 to the Consolidated Financial Statements as filed on Sedar
October 26, 2018)
“The first-year results including the
operations from BGX E-Health was as expected, a year of transition,
heavy investment into re-branding, geographic expansion, and
product development, all of which negatively affected the
consolidated profitability of the Company. This investment cycle is
expected to continue into the second quarter of the new year as
the Company prepares to launch LeefyLyfe® and to introduce
Cannakids into the Canadian marketplace. We believe these
investments have the potential to generate large increases in
future revenues and earnings for Relevium,” stated Aurelio
Useche, CEO.
About Relevium Technologies
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 operations 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, BGX markets dietary supplements,
nutraceuticals, sports nutrition and cosmeceuticals primarily
through its Bioganix® brand portfolio in the US and Europe.
Relevium’s brands such as Bioganix® are sold at some of
the world’s largest retailers including such as Walmart.com and
Amazon.com.
The Company’s strategy for growing its brands
includes expanding its product offering, adding new distribution
channels and developing partnerships that add value through
exclusive ingredients. BGX is currently testing a complete line of
dietary supplements derived from Cannabis with an initial focus on
hemp derived, whole plant organic extract rich in CBD
(cannabidiol). The product line will be marketed through its brand
LeefyLyfe® and will be sold first in Europe and then North America.
The Company uses cannabinoids and ingredients that have achieved
GRAS status (generally accepted as safe) to create brands that are
sold via wholesale channels, retail channels and online
distribution.
Biocannabix Health Corporation
(BCX): Based in Montreal, Quebec, BCX is an
entrepreneurial venture to establish a vertically integrated
medical cannabis company in the Nutraceutical space. Located in the
city of Saint Laurent, the Company is in the process of licensing
and retrofitting a facility that will host a genetically focused
cannabis growth, extraction, formulation, research and development
and encapsulation of proprietary Nutraceutical and Medical
products.
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 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, including the
timing and completion of the proposed acquisitions, 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", "would" or "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, including the assumptions that the Company
will be able to apply for and ultimately obtain an ACMPR licence,
the proposed business of Biocannabix will develop as anticipated,
that the Company will raise sufficient funds to develop the
Biocannabix business, and that the Company will obtain all
requisite regulatory approvals. 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. Important factors that
may cause actual results to vary, include, without limitation, the
risk that the proposed business developments may not occur as
planned; the timing and receipt of requisite approvals and failure
to raise sufficient funds.
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 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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