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 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 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.
Aurelio UsechePresident and CEOFor more information about this
press release: Tel: +1.888.528.8687RELEVIUM TECHNOLOGIES
INCEmail: investors@releviumcorp.comWebsite:
www.releviumtechnologies.comLike us on FacebookFollow us on
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