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MONTREAL, April 21, 2022 (GLOBE NEWSWIRE) -- RELEVIUM TECHNOLOGIES INC. (TSX.V:“RLV”, OTCQB:“RLLVF” and Frankfurt: “6BX”) (the “Company” or “Relevium”), is pleased to provide an update on operations and continuous disclosure matters.
UPDATE ON ONGOING OPERATIONS
On December 16, 2021, the Company announced it had delivered 127.5 million medical grade nitrile gloves, representing 100% of the first of two PPE contracts that the Company had entered into for a total value of CAD$11M.
On January 25 and April 5 of this year, the Company delivered CAD$1 million and CAD$1.3 million respectively out of a total of CAD$5 million from the second of the two PPE contracts first announced on December 16, 2021. The balance of the second contract, totalling approximately CAD$2.7 million is expected to be delivered by the end of the month of April 2022.
UPDATE ON CTO AND TIMELY DISCLOSURE OF FINANCIAL FILINGS
As reported in previous news releases, the Company was unable to file its annual statements for the fiscal period ended June 30, 2021, as well as the subsequent interim period financial reports due to issues outside of the Company’s control.
On November 1, 2021, the Company applied for and received a management cease trade order ("MCTO") in respect of the late filing of its annual financial statements for the year ended June 30, 2021, including the related management discussion and analysis, and CEO and CFO certifications. Due to the fact that the audit process is still not complete, the securities regulator has imposed a full cease trade order (“CTO”) for the Company until its obligations for continued disclosure are met. The CTO is expected to be lifted once the Company completes the filing of its past-due financial statements and associated management's discussion and analysis and CEO and CFO certifications.
Relevium’s management has been working on replacing its current auditors and has accepted a services proposal provided by Richter Accounting (“Richter”) as the Company’s new auditors. The Company will now go through the formal process of completing the change of auditor including completing the required filings on www.sedar.com to reflect the proposed change. Management expects the audit work to start immediately.
Aurelio Useche, CEO of Relevium stated: “Just like our shareholders, we have been extremely frustrated with the situation relating to the delays to complete last year’s audit, which have placed Relevium in the unfortunate default situation it finds itself. Although these events were outside our control, we at Relevium take this opportunity to apologize to our shareholders and reaffirm our commitment to complete the yearly audit, file the outstanding interims and regulate the Company’s disclosure obligations so that it can resume normal trading of its shares”
UPDATE ON COMPLIANCE WITH THE TSX VENTURE EXCHANGE
On January 10, 2022, the TSX Venture Exchange (the “Exchange”) halted trading in the Company's shares until such time as the Company completes certain filings with the Exchange. The Company has been working on completing these filings to resolve them so that the Exchange can remove the trading halt, which is expected to be completed in the next three weeks.
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.
About Relevium Technologies
Relevium Technologies Inc., is a publicly traded company, focused on wellness and international procurement, logistics, and delivery of PPE into the North American marketplace. Utilizing trusted vendors and suppliers, and integrating a comprehensive, state-of-the-art supply chain, artificial intelligence, and blockchain technology, enables a highly secure and compliant platform for delivery of PPE equipment to governments, hospitals, foundations, and various institutions.
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 satisfaction of the supply of gloves under the supply agreements and the timing thereof, the impact of the supply agreements disclosed herein on the Company's financial results, the timing and ability of the Company to complete the filing of the outstanding financial statements, management's discussion and analysis and certifications and rescind the CTO and the timing and completion of the filings with the Exchange and the removal of the trading halt, 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 ability of the Company to (i) complete the supply of gloves under the supply agreements, (ii) complete the filings necessary to rescind the CTO and lift the trading halt, (iii) successfully execute its business plans, (iv) maintain its expenses, (v) navigate the COVID-19 pandemic in a manner consistent with or better than its ability and response to date. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company’s disclosure documents on the SEDAR website at www.sedar.com.
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 safe harbour.
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
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