Le Lézard
Classified in: Science and technology, Business, Covid-19 virus
Subject: EARNINGS

Relevium Reports Fiscal Year Ended June 30, 2020 Results


MONTREAL, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Relevium Technologies Inc. (TSX.V:"RLV", OTCQB:"RLLVF" and Frankfurt: "6BX") (the "Company" or "Relevium"), is pleased to report the completion of the financial audit for the fiscal year ended June 30, 2020.

The Company's overall performance for the fiscal year ended June 30, 2020 was influenced primarily by the impact of the Covid-19 global pandemic starting in the third quarter, and secondarily, by major changes to our spend and product mix, both implemented during the second quarter of the reporting period.

Covid-19 had an initial impact on the Company in the six months ended June 30, 2020 and the Company experienced a significant decrease in revenues from all our major online marketplaces totalling 18% as compared to the previous year.

The overall effect of the pandemic on the Company's actual and forecasted revenues led to the additional expense of $3,221,513 relating to the impairment of intangibles and goodwill for the period. The Company reported a net loss, inclusive of impairments, of $6,931,628 ($3,726,942 net loss in 2019).

FINANCIAL HIGHLIGHTS FOR THE FISCAL YEAR ENDED JUNE 30, 2020

FINANCIAL HIGHLIGHTS FOR THE FOURTH QUARTER ENDED JUNE 30, 2020

OUTLOOK

The most significant challenge for the Company, in terms of its ability to execute on strategy, is its ability to secure financing and to navigate the ongoing challenges, as well as opportunities, posed by the current global pandemic. The Company remains focused on existing opportunities in the Personal Protective Equipment ("PPE") market as well as its proprietary disinfectant line. 

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 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: [email protected]
Website: www.releviumtechnologies.com
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