Relevium Issues Corporate Update on MCTO and Operations
MONTREAL, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Relevium Technologies Inc. (TSX.V: “RLV”, OTC: “RLLVF” and Frankfurt: “6BX”) (the “Company” or “Relevium”) is pleased to provide an update on all major
corporate initiatives and ongoing disclosure obligations.
UPDATE ON THE FILING OF AUDITED STATEMES AND FIRST QUARTER INTERIMS
We are pleased to provide an update to its previously disclosed management cease trade order ("MCTO"), announced on October 27, 2020, in respect to the audited annual financial statements for the year ended June 30, 2020, the interim financial statements for the first quarter of operations for the three months ended September 30, 2020 and corresponding management's discussion and analysis for both filings. (collectively, the “Required Financial Filings”) that were not filed by the required filing deadline of October 28, 2020 for the annual and November 30, 2020 for the interim.
The MCTO will allow the Company to submit the Required Financial Filings not later than December 27, 2020. As such, the MCTO will remain in effect until the Required Financial Filings are completed.
Until the Required Financial Filings are completed, the Company will issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there have been no material business developments or other material information relating to its affairs as of the date of this news release that have not been generally disclosed.
Aurelio Useche, CEO of Relevium stated: “The delays in the filings of the required financials were due to two major facts. First, the Company engaged new auditors, RSM Canada LLP, which normally means an additional burden of a learning curve. The second reason has been the effect of the COVID-19 pandemic on preparation of the files, new disclosures and valuation assessments” Mr. Useche further states: “We are working diligently with our new auditors to complete both periods before the upcoming holidays”
UPDATE ON THE SUPPLY SIDE OF OUR CONTRACT FOR PERSONAL PROTECTION SUPPLIES
On September 29, 2020 the Company announced the start of deliveries of Personal Protective Equipment (“PPE”) under its contractual obligations to supply US $20 Million dollars. The delivery of initial product batches has been subjected to delays related to major logistical issues outside of the company’s control.