Relay Medical: Glow LifeTech Receives Conditional Approval to List on the Canadian Securities Exchange
Toronto, Ontario--(Newsfile Corp. - November 25, 2020) - Relay Medical Corp. (CSE: RELA) (OTCQB: RYMDF) (FSE: EIY2) ("Relay" or the "Company"), a developer of MedTech innovation, is pleased to report that Glow LifeTech Ltd. ("Glow"), a private company in which Relay currently holds a 21% equity interest, has received conditional approval to list its common shares on the Canadian Securities Exchange ("CSE") pursuant to an amalgamation transaction with Ateba Resources Inc. ("Ateba") (see Ateba's press release dated June 24, 2020).
Glow's conditional approval to list its common shares on the CSE is subject to the completion of a financing raise of an additional $2.5 million and the completion of the amalgamation with Ateba.
Upon completion of the listing on the CSE, Relay will own 6.25 million shares of the resulting publicly listed issuer which will represent approximately 14% of the outstanding common shares of the listed issuer.
"The receipt of conditional approval to list the common shares of Glow on the CSE demonstrates Relay's success at identifying unique biotechnologies and nurturing businesses. On behalf of the Glow team we'd like to thank the investors of both companies who have been a part of Glow's journey so far," said Yoav Raiter, CEO of Relay Medical.
About Glow LifeTech Ltd.
Glow is a privately held Canadian company which was initially funded by Relay Medical Corp. and certain private investors. Glow acquired the worldwide rights, including the exclusive distribution rights to North America, to manufacture and distribute certain biotech products which were developed by Swiss Pharmacan Ag and Micelle Technology Ag based in Switzerland. The technology allows Glow to formulate cannabinoids and nutraceuticals with dramatically improved absorption, fast-acting onset and precise dosing using all-natural ingredients, to meet the growing demands for the next generation of value-add products.
About Swiss Pharmacan AG and Micelle Technology AG
Micelle Technology AG, the parent company of Swiss Pharmacan, is an award-winning European biotechnology company dedicated to R&D using natural active ingredients (i.e. vitamins and minerals) to improve human health. As one of the leading innovators of plant-based micelle concentrates, Micelle Technology AG offers a unique technology, which enables the company to harness the full potential of herbal active ingredients.
Swiss Pharmacan recently announced the signing of an agreement with MGC Pharmaceuticals Ltd. for necessary research support, commercial manufacturing and distribution of a natural anti-infective based formulation with the aim to treat serious viral infections with inflammatory complications. The Product is based on the Parties' patented MyCell Enhanced™ delivery system technology.
For more information, visit Glow's website: https://www.glowlifetech.com/
About Relay Medical Corp.
Relay Medical is a MedTech innovation Company headquartered in Toronto, Canada focused on the development of novel technologies in the diagnostics and AI data science sectors.
W. Clark Kent
Relay Medical Corp.
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Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for HemoPalm Corp./UXD Data Sciences Corp. and/or Glow LifeTech Ltd. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
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