Since making its first acquisition of e-retail assets, that of nutraceutical company BioGanix in June for $4.5 million U.S., Relevium Technologies Inc. (TSX-V:RLV) says sales are cruising along. According to a corporate news release Wednesday morning, Relevium logged revenues of approximately $700,000 Canadian in the first 50 days since the buyout, a 53% improvement from the same period in 2016.
With the transition ongoing from previous BioGanix ownership to Relevium, the company plans to begin implementing strategies to optimize operations.
Broadly, the game plan includes launching new brands and product segments and identifying opportunities for licensing deals, joint ventures and acquisitions.
On the product front, Relevium is working with Hempco on developing and marketing a vegan nutrition and vegan nutraceutical line with a launch anticipated for this fall.
Elsewhere, management says that they are evaluating eight different targets as portfolio additions. In aggregate, the companies generate over $80 million in revenue and $24 million in earnings before interest and taxes.
The Montreal-based company intends to execute at least one more acquisition by the end of the year, provided market conditions cooperate.
Shares of RLV had been sliding lately, slipping from around 16 cents in May to even hit a low of 9.5 cents in July before edging back up to 11 cents through Tuesday's close. Wednesday is the highest volume day for the stock since May 14, with 2.1 million shares changing hands to carry the stock upwards by 18.2%, or 2 cents, to 13 cents early in the afternoon session.
