MONTREAL, July 01, 2019 (GLOBE NEWSWIRE) -- Relevium Technologies Inc. (TSX.V: “RLV”, OTCQB: “RLLVF” and Frankfurt: “6BX”) (the “Company” or “Relevium”), announced today that it has been made aware of and requested by the OTC Markets Group, Inc. to comment on recent promotional activity concerning its common shares traded on the OTCQB market.
On June 27th, 2019, the OTC Markets Group sent the Company copies of three newsletters sent on June 25 and June 26, 2019 by SmallCapFirm, a third-party marketing and awareness firm utilized by StockWireNews, LLC (“StockWireNews”), which in turn was utilized by one of the Company’s marketing firms, Shore Thing Media, LLC (“Shore Thing”). The Company was not aware of the newsletters until the OTC Markets Group sent the copies on June 27th, 2019.
After inquiry of management, except with respect to the engagement of Shore Thing as further described below, none of the Company’s officers were involved, directly or indirectly, with the creation or distribution of promotional materials nor were we asked to provide, nor did provide any editorial content.
After the Company was contacted by OTC Markets Group regarding the promotional activity, the Company contacted Shore Thing, and was informed by Shore Thing that Shore Thing engages third parties, such as StockWireNews, which in turn also engages third parties such as SmallCapFirm, for marketing, and pays such third parties at market rates for such promotional material.
The three newsletters discussed an overview of the Company’s business along with other referenced firms. The Company does not believe the statements referencing it in the promotional materials were false or misleading. Other commentary in the newsletters appears to express the author’s personal opinions.
The Company believes the promotional activity may have been a factor with respect to an increased price and trading volume concerning the Company’s common shares that occurred following the promotional activity. However, the small increase in the share price during this period also corresponded with the announcement of the Company’s medical cannabis strategy and investor call during this period, which the Company believes may also have been a factor with respect to such increased price and trading volume.
After inquiry of Company management, none of the Company’s officers, directors or controlling shareholders nor third-party service providers, have sold or purchased Company securities in the past 90 days other than the Company’s CEO, Mr. Aurelio Useche purchasing 4,213,713 common shares from the Company’s former controlling shareholder, Mr. Albertus Engelbrecht, on May 21, 2019 in a private sale (see https://releviumtechnologies.com/press-releases/2019/05/relevium-announces-private-share-purchase-by-ceo/) and an acquisition by the Company’s Chairman of the Board, Mr. André Godin, purchasing 375,000 common shares and 375,000 share purchase warrants on June 11, 2019 pursuant to the Company’s private placement (see https://releviumtechnologies.com/press-releases/2019/06/relevium-closes-private-placement-financing/).
The Company has issued shares at a discount to the current market rate at the time of the issuance through private placements in accordance with the policies of the TSX Venture Exchange. The Company recently closed a non-brokered private placement financing on June 11, 2019 for a total of 15,350,000 units (the “Units”) at C$0.08 per Unit, each Unit consisting of one common share and one common share purchase warrant to purchase a common share at C$0.12, for total gross proceeds of C$1,228,000 (see https://releviumtechnologies.com/press-releases/2019/06/relevium-closes-private-placement-financing/). In the past three years, the Company has held closings on other private placements (see https://releviumtechnologies.com/press-releases/2017/06/relevium-provides-corporate-update-and-final-closing-of-the-equity-financing/, https://releviumtechnologies.com/press-releases/2017/06/relevium-completes-acquisition-of-bioganix-and-initial-closing-of-concurrent-debt-and-equity-financing/, https://releviumtechnologies.com/press-releases/2017/05/relevium-provides-update-on-financing-and-acquisition-of-bioganix/, https://releviumtechnologies.com/press-releases/2016/10/relevium-completes-maestro-private-placement/, https://releviumtechnologies.com/press-releases/2016/08/relevium-announces-closing-of-private-placement/ and https://releviumtechnologies.com/press-releases/2016/07/relevium-announces-private-placement-by-maestro-capital/. The Company has not at any point issued convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance.
In the last 12 months, the Company has engaged Renmark Financial Communications to provide investor relations services, and Emerging Growth, LLC, Empire Relations Holdings, LLC, Equity Insight Inc., Follow the Money Investment Group, Mediant Communications, MI3 Communication, Investing News Network, Frontier Flex Marketing, Stock House Publishing Ltd., Stonebridge Partners, LLC and Shore Thing to provide marketing services. The engagement of Shore Thing was terminated as of June 28, 2019.
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 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.
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.
President and CEO
For more information about this press release: Tel: +1.888.528.8687
RELEVIUM TECHNOLOGIES INC