MONTREAL, Oct. 30, 2019 (GLOBE NEWSWIRE) -- Relevium Technologies Inc. (TSX.V: “RLV”, OTCQB: “RLLVF” and Frankfurt: “6BX”) (the “Company” or “Relevium”), is pleased to announce that its wholly owned subsidiary, BGX E-Health LLC (“BGX”), has received a purchase order to supply Innova Health Care of Saudi Arabia with generic formulations totaling over CAD$1 Million.
The Company has partnered with Montreal-based contract manufacturer BioV Pharma Inc., to fulfill the contract, which will be supplied in two shipments over the next six (6) months The first shipment, which totals approximately CAD$450,000 and is scheduled to be delivered before of the end of this year and the balance of the order is expected to be delivered during the first quarter of 2020.
THE EXPORT MARKET OPPORTUNITY
The Company is currently targeting international export market for its core products and other generic formulations, including Latin America, Asia and the Middle East, the latter being one of major focus in the Company’s near-term revenue growth.
The opportunity in this market is significant and according to Market Data Forecast, the biopharma market is forecasted to grow to $60B by 2025. This growth driven primarily by changing demographics in terms of the aging population, health habits and higher levels of economic spending power. Although over 60% of the overseas market share is held by multinationals, smaller companies like Relevium have an opportunity to play a significant role in both generic and custom formulations.
Aurelio Useche, CEO of Relevium Technologies stated: “Although our core business model is the online business, in particular for North America and the UK, we are identifying exciting new opportunities in the export markets for Relevium outside our traditional online model. This initial contract reflects a significant opportunity and a key growth channel for BGX and its brands abroad.”
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 using 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
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