MONTREAL, QUEBEC--(Marketwired - Oct. 31, 2017) - Relevium Technologies Inc. (TSX VENTURE:RLV)(FRANKFURT:6BX) (the "Company" or "Relevium"), a publicly traded corporation strategically focused on creating value through the acquisition and development of e-brands, online businesses and e-retail technologies in the Health and Wellness space, is pleased to announce the filing of the company's Audited Financial Statements and MD&A for the fiscal year ended June 30, 2017 and 2016 on Sedar
News Release Highlights
- An active year focused on acquisitions and its impact on the income statement
- Impact of Bioganix and first quarter of the fiscal year ending June 30, 2018
- Major events impacting our Consolidated Statements of Financial Position
An active fiscal year focused on acquisitions
The fiscal year ended June 30, 2017 was a year dedicated to the identification, evaluation and negotiation with several acquisition targets. As the Audited Consolidated Financial Statements and MD&A reveal, the company's expenses increased substantially for the fiscal year ended June 30, 2017, primarily the result of the non-cash impairment of the carrying value of the intellectual assets acquired as part of the company's qualifying transaction in 2015, totaling $747,322. The additional increase in expenses of $567,677 in consulting fees were related primarily to acquisitions and related expenses. The combination of these major categories of expenses resulted in a net and comprehensive loss of $2,584,738 as compared to $1,557,719 in 2016.
Commenting on the results for the reporting period, Aurelio Useche, President and CEO stated: "It was a year dedicated to the execution of our first acquisition in our roll-up strategy. The process was challenging but effective". Mr Useche added: "The impact from operations of newly acquired Bioganix will only take effect in the company's Consolidated Financial Statements for the three-month period ended September 30, 2017 (Q1), which will be reported at the end of this month of November"
Major events impacting our Consolidated Statements of Financial Position
The Company reported significant changes to the Consolidated Statements of Financial Position, including an increase in total assets of $6,111,470 from $1,003,682 in 2016 to $7,115,152 in 2017. In parallel, the Company also reported significant changes in total liabilities of $4,343,533, from $447,031 in 2016 to $4,790,564 in 2017. Most of these changes transpired during the last quarter of the fiscal year ended June 30, 2017 and were primarily the result of an equity financing, a debenture financing and the execution of the definitive agreement and deposit to acquire BioGanix.
Commenting on these major events, Aurelio Useche, President and CEO stated: "From the execution of the binding agreement to the close of all three major events six months later, the company's overall financial position has improved materially, positioning Relevium to continue to execute on the roll-up strategy". Mr Useche added: "Relevium remains an entrepreneurial venture at heart and every single person in the team, from directors to the actual operators of the business, is guided by this principle in mind: We are Intense, Nimble and Lean"
The company looks forward to continuing to update shareholders.
About Relevium Technologies
Relevium is a TSXV listed company focused on growth through the acquisition of businesses, products and/or technologies with a focus on e-commerce in the growing health and wellness sector. Relevium Technologies Inc. also holds patented intellectual property for the use of static magnetic fields for application on wearable devices.
Neither 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 press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events. Forward-looking information is based on several assumptions and is subject to several risks and uncertainties, many of which are beyond the Company's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Readers should not place undue reliance on forward- looking statements and forward-looking information and are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake any obligation to update such forward-looking information, whether because of new information, future events or otherwise, except as expressly required by applicable law.
On Behalf of the Board of Directors
RELEVIUM TECHNOLOGIES INC.
Aurelio Useche, President and CEO
RELEVIUM TECHNOLOGIES INC
Manager, Investor Relations
Tel: (514) 562-1374