MONTREAL, Oct. 29, 2019 (GLOBE NEWSWIRE) — Relevium Technologies Inc. (TSX.V: “RLV”, OTCQB:“RLLVF” and Frankfurt: “6BX”) (the “Company” or “Relevium”), is pleased to announce On October 25, 2019, the Company received a letter of intent (the “LOI”) to roll its interest in its wholly owned subsidiary BGX e-Health LLC into Newscope Capital Corporation (“Newscope”), a BC based privately held company seeking to become an aggregator in the wellness space, including CBD and hemp space.
Under the preliminary terms of the LOI, Relevium with is expected to receive 20 Million shares of Newscope at $0.50 per share, representing approximately 86% of the resulting issuer. The total proposed transaction value is CAD$10 Million, which includes the business, its assets and liabilities, intellectual property and certain key agreements currently under consideration and review by management.
Newscope intends to complete a listing on the CSE before the second quarter of 2020.
Aurelio Useche, CEO of Relevium Technologies stated: “RLV’s valuation today is not representative of the sum of all its components. We have been working diligently to unlock the embedded value of each of our individual businesses, which will provide shareholders with the true value that each business unit has to offer.” Mr. Useche stated further: “The proposed transaction with Newscope is the first step in further unlocking the value of RLV’s components and we are looking forward to working with them to execute the acquisition strategy, growing sales, expanding product offerings and increasing the company’s global footprint.”
The LOI is subject to customary conditions associated with such a transaction including due diligence as well as internal, external compliance reviews and shareholder approval. Additional information about the board, management and pertinent transaction details including post transaction details will be provided in a subsequent news release.
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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