MONTREAL, Jan. 20, 2021 (GLOBE NEWSWIRE) — Relevium Technologies Inc. (TSX.V:“RLV”, OTCQB:“RLLVF” and Frankfurt: 6BX”) (the “Companyor Relevium”), is pleased to report the completion of the financial audit for the fiscal year ended June 30, 2020.

The Company’s overall performance for the fiscal year ended June 30, 2020 was influenced primarily by the impact of the Covid-19 global pandemic starting in the third quarter, and secondarily, by major changes to our spend and product mix, both implemented during the second quarter of the reporting period.

Covid-19 had an initial impact on the Company in the six months ended June 30, 2020 and the Company experienced a significant decrease in revenues from all our major online marketplaces totalling 18% as compared to the previous year.

The overall effect of the pandemic on the Company’s actual and forecasted revenues led to the additional expense of $3,221,513 relating to the impairment of intangibles and goodwill for the period. The Company reported a net loss, inclusive of impairments, of $6,931,628 ($3,726,942 net loss in 2019).


  • Total assets of $4,334,466 as of June 30, 2020 (June 30, 2019: $8,560,452), a decrease of $4,225,986, primarily driven by a write-down in goodwill of $2,067,246, a write-down of amortizable licenses (under intangible assets) of $1,154,267, a decrease in cash and cash equivalents of $680,081 and a decrease in inventory of $432,929. This was counterbalanced by increases in receivables of $217,588.
  • Total liabilities on June 30, 2020 were $4,278,944 (June 30, 2019: $3,512,144), an increase of $766,800. This is primarily due to increases of bank of advances of $237,373, accounts payable and accrued liabilities of $819,579, a loan from an officer of $74,954 and short-term debt of $1,880,614. This was counterbalanced by decreases in loan payable of $154,525, warrant liability of $117,715 and long-term debt of $1,973,480
  • Shareholders’ equity was $55,522 on June 30, 2020 (June 30, 2019: $5,048,308), a decrease of $4,992,786. This is primarily due to an increase in the deficit of $6,934,532. This was counterbalanced by an increase of share capital of $694,176 and share purchase warrants of $1,651,490, which occurred as a result of private placements closed during the Reporting Period, as previously described.
  • The Company reported $2,974,161 in revenues (June 30, 2019: $3,628,60), representing a decrease of $654,489 over revenues generated in the fiscal year ended June 30, 2019. In the latter half of the Company’s fiscal year, the COVID-19 pandemic had the effect of reducing online sales of the Company’s products. In addition to the effect of the pandemic, the competitive environment also became more intense at that time.
  • Cost of goods sold were $1,780,006 or 59.8% as compared to revenues ($1,862,094 for 2019 or 51% as compared to revenues). This resulted in a gross profit of $1,194,155 for the fiscal year ended June 30, 2020 (June 30, 2019: $1,766,556), representing a decrease of $572,401. Gross profit accounted for 40% of sales in the year ended June 30, 2020 (June 30, 2019: 49%).
  • Total expenses for fiscal year ended June 30, 2020, not including non-cash impairments of goodwill and intangibles, were $4,904,270 (June 30, 2019: $5,493,498).
  • Total non-cash impairment of $1,154,267 of intangibles and $2,067,246 in goodwill resulted in total expenses for the reporting period of $8,125,783, an increase of $2,632,285.
  • Most of the expense categories had decreases, including particularly administration fees (decrease of $309,113), general and administrative expenses (decrease of $243,642), professional fees (decrease of $57,633) and selling and marketing expenses (decrease of $383,697).
  • The net comprehensive loss for the year ended June 30, 2020 was $6,934,532 (June 30, 2019: loss of $3,750,536), a difference of $3,183,996.


  • Revenues in the fourth quarter of fiscal year 2020 were $302,486 (Fourth quarter of 2019: $598,631), a decrease of $296,145.
  • The net loss and comprehensive loss for the three-month period ended June 30, 2020 was $5,693,210 (June 30, 2019: $1,136,950), an increase of $4,556,260 primarily due to two write-downs of goodwill and intangible assets, as described above, which increased significantly the net loss and comprehensive loss for this quarter.
  • In order to comply with changes in accounting standards from IFRS 15, the Company restated its 2019 results, with the result being a decrease of $424,967 in both revenues and selling and marketing expenses; this amount was charged against Q4 2019 results. Similar adjustments for the Reporting Period ending June 30, 2020 were also recorded in Q4 2020, which had the effect of reducing revenues in that quarter.


The most significant challenge for the Company, in terms of its ability to execute on strategy, is its ability to secure financing and to navigate the ongoing challenges, as well as opportunities, posed by the current global pandemic. The Company remains focused on existing opportunities in the Personal Protective Equipment (“PPE”) market as well as its proprietary disinfectant line. 

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 and

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 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


Aurelio Useche
President and CEO

For more information about this press release: Tel: +1.888.528.8687

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