Relevium Technologies Returns 8,612,500 Shares to Treasury
– Momentum Public Relations –
Press Release: April 22, 2016
Relevium Technologies Inc. (TSX VENTURE:RLV)(FRANKFURT:6BX) is pleased to announce it has received approval from the TSX Venture Exchange (the “Exchange”) regarding the cancellation of 8,612,500 previously issued shares relating to the acquisition of the assets of BIOflex Medical Magnetics, Inc. (the “Qualifying Transaction”) leaving the Company with a total of 29,525,966 common shares outstanding.
Leena Lakdawala, CEO of Relevium stated: “Management has been working diligently to create value for our shareholders. We have just returned over 8.5 million shares to the Company’s treasury, reducing the outstanding shares to fewer than 30 million and effectively cutting the cost of the BIOflex acquisition down by 50{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce}. Relevium has recently executed an Exclusive Supply Agreement for our patented magnetic technology with Back-A-Line Inc., a California-based leader in back pain solutions, and the Company remains actively engaged in identifying additional assets within the growing global health and wellness market.”
Pursuant to Relevium’s news release dated February 29, 2016, the Company, BIOflex and iTech Medical, Inc. have agreed to adjust the purchase price under the Purchase Agreement (the “Purchase Price Adjustment”). As part of, and in satisfaction of, the Purchase Price Adjustment: (i) BIOflex shall return a total of 8,612,500 common shares in the capital of the Company which it currently owns to the Company for cancellation; (ii) the Company shall issue 1,722,500 common share purchase warrants to BIOflex (which shall be restricted and legended pursuant to applicable Canadian and U.S. securities laws), with each warrant being exercisable to acquire one common share in the capital of the Company, at a price of $0.1125 per share (being the same issue price as the securities transacted pursuant the Qualifying Transaction and representing a premium to the current market price of the Company’s common shares on the TSX Venture Exchange), for a period of three years from the date of issuance of the warrants; and (iii) the Company shall release the right of first refusal in respect of the muscle pattern recognition (MPR) technology of iTech Medical, Inc.
In addition, and as part of the discussions relating to the Purchase Price Adjustment, the Company has determined to settle the $225,000 loan owing from iTech Medical, Inc., as well as any accrued interest thereon. Other than as regards the Purchase Price Adjustment, terms and conditions and the duties and obligations of the parties pursuant to the Purchase Agreement continue in full force and effect.
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 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
Learn more by clicking here: www.releviumtechnologies.com