Relevium Technologies Inc. (TSX.V:“RLV”, OTCQB:“RLLVF” and
Frankfurt: “6BX”) (the “
Company”
or “
Relevium”), is pleased to
report the completion of the interim financial statements and
MD&A for the three-month period ended September 30, 2020.
The Company’s overall performance for the
three-month period ended September 30, 2020 was influenced
primarily by the continued impact of the Covid-19 global pandemic
on the Company’s operations. During the first quarter of fiscal
year ending June 30, 2021, the company reported sales of $333,116
(compared to $1,017,686 in 2019), a decrease of $684,570 driven
primarily by marketplace restrictions for inbound inventory imposed
by the Amazon marketplace, supply chain shortages and subsequent
liquidity issues affecting overall operations.
Gross margins improved by four percentage points
from 54% to 58%, primarily the result of changes to the sales mix,
which focused on the top 10 products. Cost of goods sold for the
reporting period were $139,844 on $333,116 of sales versus $472,351
on $1,017,686 for 2019.
Aurelio Useche, CEO for Relevium stated: In
response to the economic crisis that resulted from the ongoing
global pandemic, the Company has focused on and made considerable
changes to its costs and expense structure, in order to adapt to
the situation. The resulted changes led to lower operating expenses
of $532,829 as compared to $1,395,681. This major reduction was
attributed to significant reductions in selling and marketing
expenses, lower general, administrative and consulting fees”.
Aurelio Useche added: “Although sales revenues were adversely
affected, we managed to report a significant reduction in net and
comprehensive losses of $327,232, as compared to $853,000 in 2019.
The reduction totaling $525,768 translated in a net loss per share
of $0.002 as compared to a net loss per share of $0.006 in
2019”
FINANCIAL HIGHLIGHTS FOR Q1 OF THE
FISCAL YEAR ENDING JUNE 30, 2021
- Total assets of $32,105,408 as at
September 30, 2020 (June 30, 2020: $4,334,466), an increase of
$27,770,942, primarily driven by Cash in Trust of $15,721,826 (June
30, 2020: NIL), Deposits and Prepaids of $12,019,043 (June 30,
2020: $85,348) and Accounts Receivable of $634,835 (June 30, 2020:
380,546).
- Total liabilities of $32,074,371 as
at September 30, 2020 (June 30, 2020: $4,278,944) This is primarily
due to customer deposit liability of $27,811,768.
- Shareholders’ equity was $31,037 as
at September 30, 2020 (June 30, 2020: $55,522). This is primarily
due to an increase reported deficit of $18,790,890 (June 30, 2020:
$18,451,333).
- The Company reported $333,116 in
revenues for the reporting period ($1,017,686 for 2019),
representing a decrease of $684,570 over the comparable
period.
- Cost of goods sold for the
reporting period were $139,844 on $333,116 of sales versus $472,351
on $1,017,686 for 2019.
- Gross margins improved by four
percentage points from 54% to 58%, primarily the result of changes
to the sales mix, which focused on the top 10 products.
- Total expenses for reporting period
were $532,829 ($1,395,681 for 2019).
- The net comprehensive loss for
three-month period ended September 30, 2020 was $327,232 ($853,000
in 2019).
- Net loss per share of $0.002 during
the reporting period, as compared to a net loss per share of $0.006
in 2019.
OUTLOOK
The Company remains focused on reduced operating
expenses as the operating environment due to the pandemic slowly
begins to move to a new normal.
The Company remains focused on existing
opportunities in the Personal Protective Equipment
(“PPE”) market as well as its’ proprietary disinfectant
line.
About Relevium
TechnologiesRelevium is a publicly traded Company that
operates in the health and wellness industry, including
cannabinoids, 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 cannabinoids. 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 StatementsThis 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 UsechePresident and CEO
For more information about this press
release:
Tel: +1.888.528.8687
RELEVIUM TECHNOLOGIES INCEmail:
investors@releviumcorp.com Website: www.releviumtechnologies.com
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