Relay Medical Announces Participation in Glow LifeTech RTO Financing
Toronto, Ontario--(Newsfile Corp. - February 9, 2021) - Relay Medical Corp. (CSE: RELA) (OTCQB: RYMDF) (FSE: EIY2) ("Relay" or the "Company"), a developer of MedTech innovation, is pleased to announce that it has committed to participate in the RTO financing of Glow LifeTech ("Glow"), a privately held Canadian-based biotechnology company in which Relay currently holds a significant equity interest.
The Company has committed to investing an additional $600,000 to acquire 2 million shares, which brings its total equity position to 8.25 million shares. The Glow financing, which has been oversubscribed, is for a total of up to $4,250,000. Upon the completion of this financing Glow will have up to 43.7 million shares outstanding. Relay's management feels that this is an important strategic investment for the Company in order to minimize any dilution which might occur as a result of Glow's go-public process.
"We are thrilled with the progress made to date at Glow LifeTech and believe the team is ideally positioned with its plant-based and pharma-grade MyCell™Drug Delivery Technology to power the growing demand for highly-effective, science-backed natural health products," said Yoav Raiter, CEO, Relay Medical Corp. "We have already seen the significant healing potential of MyCell™Technology with its recent positive clinical results as a possible COVID-19 treatment with a product called ArtemiC™." (See see press releases dated January 14, 2021).
"The global demand for natural, science-backed health products has been driven to new highs during this pandemic as consumers continue to seek alternatives for better health and well-being," said Rob Carducci, Chief Commercial Officer, Glow LifeTech. "We couldn't be happier to have further investment from Relay, who have been great collaborators in Glow's journey so far. This investment supports our next phase of growth and helps us towards our mission of bringing innovative and dramatically enhanced health products to market."
Glow LifeTech is a Canadian-based biotechnology company focused on producing nutraceutical and cannabinoid-based products with dramatically enhanced bioavailability, absorption and effectiveness. Glow has rights to the groundbreaking MyCell® Technology; a plant-based, pharma-grade drug delivery system which transforms poorly absorbed natural compounds into enhanced, water-compatible concentrates that unlock the full healing potential of the valuable compounds. Glow focuses on producing a range of high-performance, science-backed natural ingredients to power the growing demand for next-generation natural health products.
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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.
About Glow LifeTech Ltd.
Glow LifeTech is a Canadian-based biotechnology company focused on producing nutraceutical and cannabinoid-based products with dramatically enhanced bioavailability, absorption and effectiveness. Glow has rights to the groundbreaking, plant-based MyCell Technology® delivery system, which transforms poorly absorbed natural compounds into enhanced water-compatible concentrates that unlock the full healing potential of the valuable compounds.
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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 the technology 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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