MONTREAL, QUEBEC--(Marketwired - Sept. 27, 2016) - Relevium Technologies Inc. (TSX VENTURE:RLV)(FRANKFURT:6BX) (the "Company" or "Relevium") is pleased to provide the following corporate update on its ongoing activities.
UPDATE ON PRIVATE PLACEMENT
As announced on August 19, 2016, the Company closed a private placement and issued an aggregate of 5,058,000 units of the Company (the "Units"), at a price of $0.10 per Unit, for gross proceeds of $505,800 to the Company (the "Private Placement"). As previously announced, on July 6, 2016, a portion of the private placement representing 1,500,000 Units required the approval by the shareholders of Maestro Capital Corporation (the subscriber). The Company is pleased to confirm that the shareholders of Maestro approved the investment as at August 31, 2016. The TSX Venture Exchange is currently holding the subscription funds from Maestro and the corresponding units in trust pending receipt of final approval.
UPDATE ON BUSINESS ACTIVITIES
The Company is pleased to inform shareholders that it continues to pursue acquisition targets in the lucrative and largely fragmented wellness and wellness e-commerce industries. Management is currently engaged in discussions with several strategic acquisition targets in the spaces.
In the case of the most advanced target, the Company has retained the accounting firm Ernst & Young LLP in Montreal to start a financial and structuring due diligence process. At the current time there is no binding agreement between the Company and the aforementioned target.
The Company believes that pursuing a disciplined acquisition strategy is the best way to grow its business and create long-term value for shareholders.
Andre Godin, Chairman and Leena Lakdawala, CEO explained: "We want to make sure our shareholders develop a clear picture of the Company's bricks and clicks strategy and overall direction. For this reason Relevium will be structured to operate two separate business units: Relevium Wellness, which will operate a network of innovative wellness clinics and Relevium E-tail, which will operate successful and profitable E-Commerce platforms."
UPDATE ON LETTER OF INTENT
Pursuant to an announcement made on May 19, 2016 that stated that the Company had executed a letter of intent (the "LOI") to acquire a controlling interest and progressively 100% of a Montreal-based B2B distribution and D2C E-retail company. The Company announced today that due to lack of strategic fit, the parties are no longer pursuing the transaction and have mutually decided to terminate the LOI.
About Relevium Technologies Inc.
Relevium is a TSXV listed company focused on growth through the acquisition of businesses, products and/or technologies within the scope of the expanding health and wellness sector, specifically under three important verticals: Pain Relief, Recovery and Performance. Relevium Technologies Inc. currently holds patented intellectual property for application of static magnetic fields on direct-to-consumer devices, which aid in decreasing pain, improving recovery time and enhancing overall physical performance.
On Behalf of the Board of Directors,
RELEVIUM TECHNOLOGIES INC.
Leena Lakdawala, CEO and Director
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the ability of the Company to secure adequate funding in order to execute and achieve its business objectives. 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. There can be no assurance that the conditions to the transactions contemplated by the potential letter of intents will be satisfied or that those transactions will be completed. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.