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$VRUS Huge News AH yesterday!!
Verus International Signs $600,000 Note – Provides Operational Update
Gaithersburg, MD, May 01, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCPink:VRUS) is pleased to announce that it has strengthened its capital structure via a $600,0000 fixed-rate convertible note from GS Capital. The note carries a 5% per annum interest rate on the principal. The note is due November 12, 2019 and the holder can convert any amount of the principal into shares of the Company's common stock, at a price equal to $0.10 per share. Full details of the note are available in the 8-K that was filed in conjunction with this announcement.
Importantly, proceeds from the funding can be used for general corporate purposes and are not restricted to accounts receivable or other narrow applications. A portion of this funding will be used immediately to begin production of ice cream for our newly announced Big League Foods subsidiary. This is a turnkey operation, ready for sales with packaging already designed, production agreements in place, and signed distribution networks that will cover close to 2,500 retail locations. Initial shipment dates have not yet been set, but the main goal is to move quickly to have product on store shelves to coincide with both the baseball and summer seasons.
“I can’t stress enough how timely this financing is in terms of our new business initiatives,” said Verus CEO Anshu Bhatnagar. “We are fortunate to have both backlog and greenfield opportunities, so every dollar of financing we receive can be put to work immediately to generate revenue. The larger we grow, the better our funding will become, so this is one more step on our path toward higher quality commercial sources of capital and faster growth.”
Verus is in a unique position as one of the newer international consumer products and food companies in an industry that is dominated by multi-billion-dollar giants. This makes us an attractive and right-sized partner for many high quality, but smaller firms that are seeking an experienced operator with a global footprint. As a result, Verus is experiencing continuing interest from potential M&A candidates. Accordingly, the acquisition of Big League Foods did not reduce the number of M&A targets, which remains at eight with the addition of a new candidate in the beverage space. Potential M&A is fairly diverse, covering multiple categories of consumer products on multiple continents.
“We put a lot of work into our M&A process to structure each deal to be both shareholder friendly and viable from day one,” explained Bhatnagar. “Our model starts with some basic requirements: unfilled backlog and high growth potential, near-term or existing revenue, and modest up-front acquisition costs. Big League Foods offers a perfect template for our M&A goals. We structured the deal with no stock or dilution as part of the acquisition cost, which will be paid for out of a percentage of profits based on annual revenue targets, with year-one contractually set at around $14 million in sales. These are terrific terms that will allow us to apply the bulk of our available capital to immediately grow the business. The multiplier effect on these kinds of transactions can be tremendous.”
Verus is currently working on additional forms of fixed-rate financing in order to fulfill existing backlog and support new business through M&A. The Company’s goal is to pursue this mix of organic and M&A-sourced growth through the remainder of 2019.
Verus will provide additional M&A related updates in coming weeks and in conjunction with its upcoming quarterly report. Interested investors are also invited to monitor the Company’s official Twitter feed @Verus_Foods for future information concerning Verus product announcements.
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good news!! also check out GBTC and SODE
StocksnCrypto on 5/2/2019 12:48:31 AM
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$VRUS Huge AH News Out!
Verus International Signs $600,000 Note – Provides Operational Update
Gaithersburg, MD, May 01, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCPink:VRUS) is pleased to announce that it has strengthened its capital structure via a $600,0000 fixed-rate convertible note from GS Capital. The note carries a 5% per annum interest rate on the principal. The note is due November 12, 2019 and the holder can convert any amount of the principal into shares of the Company's common stock, at a price equal to $0.10 per share. Full details of the note are available in the 8-K that was filed in conjunction with this announcement.
Importantly, proceeds from the funding can be used for general corporate purposes and are not restricted to accounts receivable or other narrow applications. A portion of this funding will be used immediately to begin production of ice cream for our newly announced Big League Foods subsidiary. This is a turnkey operation, ready for sales with packaging already designed, production agreements in place, and signed distribution networks that will cover close to 2,500 retail locations. Initial shipment dates have not yet been set, but the main goal is to move quickly to have product on store shelves to coincide with both the baseball and summer seasons.
“I can’t stress enough how timely this financing is in terms of our new business initiatives,” said Verus CEO Anshu Bhatnagar. “We are fortunate to have both backlog and greenfield opportunities, so every dollar of financing we receive can be put to work immediately to generate revenue. The larger we grow, the better our funding will become, so this is one more step on our path toward higher quality commercial sources of capital and faster growth.”
Verus is in a unique position as one of the newer international consumer products and food companies in an industry that is dominated by multi-billion-dollar giants. This makes us an attractive and right-sized partner for many high quality, but smaller firms that are seeking an experienced operator with a global footprint. As a result, Verus is experiencing continuing interest from potential M&A candidates. Accordingly, the acquisition of Big League Foods did not reduce the number of M&A targets, which remains at eight with the addition of a new candidate in the beverage space. Potential M&A is fairly diverse, covering multiple categories of consumer products on multiple continents.
“We put a lot of work into our M&A process to structure each deal to be both shareholder friendly and viable from day one,” explained Bhatnagar. “Our model starts with some basic requirements: unfilled backlog and high growth potential, near-term or existing revenue, and modest up-front acquisition costs. Big League Foods offers a perfect template for our M&A goals. We structured the deal with no stock or dilution as part of the acquisition cost, which will be paid for out of a percentage of profits based on annual revenue targets, with year-one contractually set at around $14 million in sales. These are terrific terms that will allow us to apply the bulk of our available capital to immediately grow the business. The multiplier effect on these kinds of transactions can be tremendous.”
Verus is currently working on additional forms of fixed-rate financing in order to fulfill existing backlog and support new business through M&A. The Company’s goal is to pursue this mix of organic and M&A-sourced growth through the remainder of 2019.
Verus will provide additional M&A related updates in coming weeks and in conjunction with its upcoming quarterly report. Interested investors are also invited to monitor the Company’s official Twitter feed @Verus_Foods for future information concerning Verus product announcements.
$VRUS Huge AH News Out!
Verus International Signs $600,000 Note – Provides Operational Update
Gaithersburg, MD, May 01, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCPink:VRUS) is pleased to announce that it has strengthened its capital structure via a $600,0000 fixed-rate convertible note from GS Capital. The note carries a 5% per annum interest rate on the principal. The note is due November 12, 2019 and the holder can convert any amount of the principal into shares of the Company's common stock, at a price equal to $0.10 per share. Full details of the note are available in the 8-K that was filed in conjunction with this announcement.
Importantly, proceeds from the funding can be used for general corporate purposes and are not restricted to accounts receivable or other narrow applications. A portion of this funding will be used immediately to begin production of ice cream for our newly announced Big League Foods subsidiary. This is a turnkey operation, ready for sales with packaging already designed, production agreements in place, and signed distribution networks that will cover close to 2,500 retail locations. Initial shipment dates have not yet been set, but the main goal is to move quickly to have product on store shelves to coincide with both the baseball and summer seasons.
“I can’t stress enough how timely this financing is in terms of our new business initiatives,” said Verus CEO Anshu Bhatnagar. “We are fortunate to have both backlog and greenfield opportunities, so every dollar of financing we receive can be put to work immediately to generate revenue. The larger we grow, the better our funding will become, so this is one more step on our path toward higher quality commercial sources of capital and faster growth.”
Verus is in a unique position as one of the newer international consumer products and food companies in an industry that is dominated by multi-billion-dollar giants. This makes us an attractive and right-sized partner for many high quality, but smaller firms that are seeking an experienced operator with a global footprint. As a result, Verus is experiencing continuing interest from potential M&A candidates. Accordingly, the acquisition of Big League Foods did not reduce the number of M&A targets, which remains at eight with the addition of a new candidate in the beverage space. Potential M&A is fairly diverse, covering multiple categories of consumer products on multiple continents.
“We put a lot of work into our M&A process to structure each deal to be both shareholder friendly and viable from day one,” explained Bhatnagar. “Our model starts with some basic requirements: unfilled backlog and high growth potential, near-term or existing revenue, and modest up-front acquisition costs. Big League Foods offers a perfect template for our M&A goals. We structured the deal with no stock or dilution as part of the acquisition cost, which will be paid for out of a percentage of profits based on annual revenue targets, with year-one contractually set at around $14 million in sales. These are terrific terms that will allow us to apply the bulk of our available capital to immediately grow the business. The multiplier effect on these kinds of transactions can be tremendous.”
Verus is currently working on additional forms of fixed-rate financing in order to fulfill existing backlog and support new business through M&A. The Company’s goal is to pursue this mix of organic and M&A-sourced growth through the remainder of 2019.
Verus will provide additional M&A related updates in coming weeks and in conjunction with its upcoming quarterly report. Interested investors are also invited to monitor the Company’s official Twitter feed @Verus_Foods for future information concerning Verus product announcements.
$VRUS Huge AH News Out!
Verus International Signs $600,000 Note – Provides Operational Update
Gaithersburg, MD, May 01, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCPink:VRUS) is pleased to announce that it has strengthened its capital structure via a $600,0000 fixed-rate convertible note from GS Capital. The note carries a 5% per annum interest rate on the principal. The note is due November 12, 2019 and the holder can convert any amount of the principal into shares of the Company's common stock, at a price equal to $0.10 per share. Full details of the note are available in the 8-K that was filed in conjunction with this announcement.
Importantly, proceeds from the funding can be used for general corporate purposes and are not restricted to accounts receivable or other narrow applications. A portion of this funding will be used immediately to begin production of ice cream for our newly announced Big League Foods subsidiary. This is a turnkey operation, ready for sales with packaging already designed, production agreements in place, and signed distribution networks that will cover close to 2,500 retail locations. Initial shipment dates have not yet been set, but the main goal is to move quickly to have product on store shelves to coincide with both the baseball and summer seasons.
“I can’t stress enough how timely this financing is in terms of our new business initiatives,” said Verus CEO Anshu Bhatnagar. “We are fortunate to have both backlog and greenfield opportunities, so every dollar of financing we receive can be put to work immediately to generate revenue. The larger we grow, the better our funding will become, so this is one more step on our path toward higher quality commercial sources of capital and faster growth.”
Verus is in a unique position as one of the newer international consumer products and food companies in an industry that is dominated by multi-billion-dollar giants. This makes us an attractive and right-sized partner for many high quality, but smaller firms that are seeking an experienced operator with a global footprint. As a result, Verus is experiencing continuing interest from potential M&A candidates. Accordingly, the acquisition of Big League Foods did not reduce the number of M&A targets, which remains at eight with the addition of a new candidate in the beverage space. Potential M&A is fairly diverse, covering multiple categories of consumer products on multiple continents.
“We put a lot of work into our M&A process to structure each deal to be both shareholder friendly and viable from day one,” explained Bhatnagar. “Our model starts with some basic requirements: unfilled backlog and high growth potential, near-term or existing revenue, and modest up-front acquisition costs. Big League Foods offers a perfect template for our M&A goals. We structured the deal with no stock or dilution as part of the acquisition cost, which will be paid for out of a percentage of profits based on annual revenue targets, with year-one contractually set at around $14 million in sales. These are terrific terms that will allow us to apply the bulk of our available capital to immediately grow the business. The multiplier effect on these kinds of transactions can be tremendous.”
Verus is currently working on additional forms of fixed-rate financing in order to fulfill existing backlog and support new business through M&A. The Company’s goal is to pursue this mix of organic and M&A-sourced growth through the remainder of 2019.
Verus will provide additional M&A related updates in coming weeks and in conjunction with its upcoming quarterly report. Interested investors are also invited to monitor the Company’s official Twitter feed @Verus_Foods for future information concerning Verus product announcements.
$VRUS REPORTS 145% INCREASE IN QUARTERLY REVENUE, ANNOUNCES LARGEST FUNDED BACKLOG IN COMPANY HISTORY
By GlobeNewswire, March 25, 2019, 05:30:00 PM EDT
https://www.nasdaq.com/press-release/verus-international-inc-reports-145-increase-in-quarterly-revenue-announces-largest-funded-backlog-20190325-00943
Quote:
Gaithersburg, MD, March 25, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. ("Verus" or the "Company") today announced financial results for its fiscal 2019 first quarter ended January 31, 2019. In conjunction with this release, the Company is also providing a more detailed description of its strategy for fiscal 2019.
For Q1 2019, management is noting the following items of importance:
- Revenue set an all-time record of $2.4 million in Q1/19, an increase of 145% over the $996,125 logged in Q1/18.
- The company's gross margin was approximately 15%, in the higher expected range for the current product mix.
- Operating expenses increased 43.3% in the quarter due to extensive legal and other costs related to the recapitalization, but will normalize in future quarters.
- Despite extensive one-time costs, the Net Loss showed a 45.8% improvement over Q1/18
- Payroll expense fell 33% to $98,223 in Q1/19 compared to Q1/18, an indication of the leverage in the current operational model when coupled with record sales.
"The Q1/19 results showed more of the growth that is coming, but also had the heavy legal and other expenses associated with the recapitalization effort that was announced just eleven days after the quarter's end," explained Verus CEO Anshu Bhatnagar. "These are one-time charges associated with what was a very challenging multiparty negotiation. Legal and G&A accounted for nearly 80% of our operating expenses during the quarter, so these line items are going to be dramatically reduced in the next quarter. Without these one-time expenses, Q1/19 would have been a profitable quarter."
On a forward basis, the Company would like to provide the following update:
- Verus has its largest funded backlog in Company history, currently at $24 million for delivery over the next 12 months
- The Company's unfunded backlog continues to be very large, but management has elected to discontinue publishing this estimate pending additional trade or working capital financing
- All of the announced orders to date, along with orders under negotiation, are reported at base rates, with the potential for considerable expansion
- The Company is in very late stage talks with commercial sources of credit to unlock a portion of the unfunded backlog
- In terms of potential mergers and acquisitions, Verus is conducting due diligence on eight candidates and is moving forward on several of these companies. Two of these negotiations are at the final negotiation stage. It is not possible to say how many of these candidates will become operating subsidiaries until final contracts are completed.
- In response to numerous investor questions, the Company does not have a reverse split planned at this time, but intends to grow organically to reach the necessary market cap level required for an uplisting to a major exchange
- Verus continues to aim for an uplisting during calendar year 2019
"We have decided not to conduct a traditional earnings call this quarter, but will resume that practice next quarter when our financials return to a more normal spacing. Quite frankly, I have so many projects at critical phases, that I want to get these across the finish line as quickly as possible," said CEO Bhatnagar. "I am currently working on M&A, new orders, and commercial credit arrangements for new business both overseas and, for the first time, here in the U.S."
"In terms of the just reported quarter, investors should note that costs surrounding the recap were extraordinarily high and those expenses will normalize in the next quarter, making for some dramatic decreases on some of the expense lines. Because of that, we expect to begin generating an operating profit in future quarters, with bottom line profitability coming as well. In terms of calendar year 2019, our growth rate will continue to accelerate in each successive quarter as we layer on additional business. Based on our discussions with new sources of growth, we also anticipate significant product line and geographic expansion during 2019, with the potential to enter new countries and add higher margin consumer product categories. This is shaping up to be a watershed year for Verus."
Interested investors are reminded to watch for product updates on the official Twitter feed @Verus_Foods.
$VRUS REPORTS 145% INCREASE IN QUARTERLY REVENUE, ANNOUNCES LARGEST FUNDED BACKLOG IN COMPANY HISTORY
By GlobeNewswire, March 25, 2019, 05:30:00 PM EDT
https://www.nasdaq.com/press-release/verus-international-inc-reports-145-increase-in-quarterly-revenue-announces-largest-funded-backlog-20190325-00943
Quote:
Gaithersburg, MD, March 25, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. ("Verus" or the "Company") today announced financial results for its fiscal 2019 first quarter ended January 31, 2019. In conjunction with this release, the Company is also providing a more detailed description of its strategy for fiscal 2019.
For Q1 2019, management is noting the following items of importance:
- Revenue set an all-time record of $2.4 million in Q1/19, an increase of 145% over the $996,125 logged in Q1/18.
- The company's gross margin was approximately 15%, in the higher expected range for the current product mix.
- Operating expenses increased 43.3% in the quarter due to extensive legal and other costs related to the recapitalization, but will normalize in future quarters.
- Despite extensive one-time costs, the Net Loss showed a 45.8% improvement over Q1/18
- Payroll expense fell 33% to $98,223 in Q1/19 compared to Q1/18, an indication of the leverage in the current operational model when coupled with record sales.
"The Q1/19 results showed more of the growth that is coming, but also had the heavy legal and other expenses associated with the recapitalization effort that was announced just eleven days after the quarter's end," explained Verus CEO Anshu Bhatnagar. "These are one-time charges associated with what was a very challenging multiparty negotiation. Legal and G&A accounted for nearly 80% of our operating expenses during the quarter, so these line items are going to be dramatically reduced in the next quarter. Without these one-time expenses, Q1/19 would have been a profitable quarter."
On a forward basis, the Company would like to provide the following update:
- Verus has its largest funded backlog in Company history, currently at $24 million for delivery over the next 12 months
- The Company's unfunded backlog continues to be very large, but management has elected to discontinue publishing this estimate pending additional trade or working capital financing
- All of the announced orders to date, along with orders under negotiation, are reported at base rates, with the potential for considerable expansion
- The Company is in very late stage talks with commercial sources of credit to unlock a portion of the unfunded backlog
- In terms of potential mergers and acquisitions, Verus is conducting due diligence on eight candidates and is moving forward on several of these companies. Two of these negotiations are at the final negotiation stage. It is not possible to say how many of these candidates will become operating subsidiaries until final contracts are completed.
- In response to numerous investor questions, the Company does not have a reverse split planned at this time, but intends to grow organically to reach the necessary market cap level required for an uplisting to a major exchange
- Verus continues to aim for an uplisting during calendar year 2019
"We have decided not to conduct a traditional earnings call this quarter, but will resume that practice next quarter when our financials return to a more normal spacing. Quite frankly, I have so many projects at critical phases, that I want to get these across the finish line as quickly as possible," said CEO Bhatnagar. "I am currently working on M&A, new orders, and commercial credit arrangements for new business both overseas and, for the first time, here in the U.S."
"In terms of the just reported quarter, investors should note that costs surrounding the recap were extraordinarily high and those expenses will normalize in the next quarter, making for some dramatic decreases on some of the expense lines. Because of that, we expect to begin generating an operating profit in future quarters, with bottom line profitability coming as well. In terms of calendar year 2019, our growth rate will continue to accelerate in each successive quarter as we layer on additional business. Based on our discussions with new sources of growth, we also anticipate significant product line and geographic expansion during 2019, with the potential to enter new countries and add higher margin consumer product categories. This is shaping up to be a watershed year for Verus."
Interested investors are reminded to watch for product updates on the official Twitter feed @Verus_Foods.
$VRUS REPORTS 145% INCREASE IN QUARTERLY REVENUE, ANNOUNCES LARGEST FUNDED BACKLOG IN COMPANY HISTORY
By GlobeNewswire, March 25, 2019, 05:30:00 PM EDT
https://www.nasdaq.com/press-release/verus-international-inc-reports-145-increase-in-quarterly-revenue-announces-largest-funded-backlog-20190325-00943
Quote:
Gaithersburg, MD, March 25, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. ("Verus" or the "Company") today announced financial results for its fiscal 2019 first quarter ended January 31, 2019. In conjunction with this release, the Company is also providing a more detailed description of its strategy for fiscal 2019.
For Q1 2019, management is noting the following items of importance:
- Revenue set an all-time record of $2.4 million in Q1/19, an increase of 145% over the $996,125 logged in Q1/18.
- The company's gross margin was approximately 15%, in the higher expected range for the current product mix.
- Operating expenses increased 43.3% in the quarter due to extensive legal and other costs related to the recapitalization, but will normalize in future quarters.
- Despite extensive one-time costs, the Net Loss showed a 45.8% improvement over Q1/18
- Payroll expense fell 33% to $98,223 in Q1/19 compared to Q1/18, an indication of the leverage in the current operational model when coupled with record sales.
"The Q1/19 results showed more of the growth that is coming, but also had the heavy legal and other expenses associated with the recapitalization effort that was announced just eleven days after the quarter's end," explained Verus CEO Anshu Bhatnagar. "These are one-time charges associated with what was a very challenging multiparty negotiation. Legal and G&A accounted for nearly 80% of our operating expenses during the quarter, so these line items are going to be dramatically reduced in the next quarter. Without these one-time expenses, Q1/19 would have been a profitable quarter."
On a forward basis, the Company would like to provide the following update:
- Verus has its largest funded backlog in Company history, currently at $24 million for delivery over the next 12 months
- The Company's unfunded backlog continues to be very large, but management has elected to discontinue publishing this estimate pending additional trade or working capital financing
- All of the announced orders to date, along with orders under negotiation, are reported at base rates, with the potential for considerable expansion
- The Company is in very late stage talks with commercial sources of credit to unlock a portion of the unfunded backlog
- In terms of potential mergers and acquisitions, Verus is conducting due diligence on eight candidates and is moving forward on several of these companies. Two of these negotiations are at the final negotiation stage. It is not possible to say how many of these candidates will become operating subsidiaries until final contracts are completed.
- In response to numerous investor questions, the Company does not have a reverse split planned at this time, but intends to grow organically to reach the necessary market cap level required for an uplisting to a major exchange
- Verus continues to aim for an uplisting during calendar year 2019
"We have decided not to conduct a traditional earnings call this quarter, but will resume that practice next quarter when our financials return to a more normal spacing. Quite frankly, I have so many projects at critical phases, that I want to get these across the finish line as quickly as possible," said CEO Bhatnagar. "I am currently working on M&A, new orders, and commercial credit arrangements for new business both overseas and, for the first time, here in the U.S."
"In terms of the just reported quarter, investors should note that costs surrounding the recap were extraordinarily high and those expenses will normalize in the next quarter, making for some dramatic decreases on some of the expense lines. Because of that, we expect to begin generating an operating profit in future quarters, with bottom line profitability coming as well. In terms of calendar year 2019, our growth rate will continue to accelerate in each successive quarter as we layer on additional business. Based on our discussions with new sources of growth, we also anticipate significant product line and geographic expansion during 2019, with the potential to enter new countries and add higher margin consumer product categories. This is shaping up to be a watershed year for Verus."
Interested investors are reminded to watch for product updates on the official Twitter feed @Verus_Foods.
$VRUS REPORTS 101% INCREASE IN ANNUAL REVENUE
https://www.nasdaq.com/press-release/verus-international-inc-reports-101-increase-in-annual-revenue-20190319-01055
Gaithersburg, MD, March 19, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. ("Verus" or the "Company") today announced financial results for its fiscal 2018 fourth quarter and full year ended October 31, 2018. In conjunction with this release, the Company will also provide additional details on its strategy for fiscal 2019.
For the full year, management is noting the following items of importance:
In fiscal 2018, Verus posted sales of $5.8 million, a 101% increase over the $2.9 million registered in fiscal 2017.
The company's gross margin averaged 12.9%, within the higher range of expectations.
Total operating expenses increased slightly by 4% to $1.7 million compared to $1.6 million in fiscal 2017.
As of October 31, 2018, the Company had sold approximately $8.2 million in products pursuant to its original $79 million buffalo order.
Investors should be aware that a large, negative charge ($0.9 million) listed as "default principal increase on convertible notes payable" will be reversed in the 2nd quarter Form 10-Q, as these penalty provisions were extinguished subsequent to the fiscal year end.
Highlights from Q4, Fiscal 2018 include the following:
Q4/18 revenue was the highest in company history at $2.2 million, marking a 134% increase over last year (Q4/17) and a 60% increase over the preceding quarter (Q3/18)
Q4/18 gross margins where within the expected higher range for the current product mix, coming in at close to 11.6%
"The fiscal 2018 10-K is a true look back in time, because it still includes the impact of the legacy real estate business and negative provisions from the convertible debt. So, the Q4 portion of this release is a better indicator of things to come," explained Verus CEO Anshu Bhatnagar. "In Q4 we began shipping on our multiproduct order, which commenced part way through the quarter. Sales will accelerate even faster as our newest orders begin to ship in upcoming months. Perhaps most importantly, investors got a glimpse of how close Verus is to profitability, without the finance and equity related changes, this would have been a profitable quarter."
On a forward basis, the Company would like to provide the following update:
Verus is projecting that quarterly sales will grow in excess of 100% on a year over year basis and accelerate significantly throughout fiscal 2019.
The Company is currently in negotiations for new contracts in both its core markets and other markets that would represent an expansion of the current product portfolio
With completion of the recent recapitalization, Verus has reinitiated discussions with commercial banks and other sources of non-dilutive financing
In terms of potential mergers and acquisitions, Verus is conducting due diligence on seven candidates and is moving forward on several of these companies. It is not possible to say how many of these candidates will become operating subsidiaries until final negotiations are completed.
Verus is approached almost weekly with partnership, acquisition, distribution and similar growth opportunities, so the consumer products space continues to show robust activity.
"Today's update should be considered Part One, because the recap delay in filing our annual report has us bumping into the first quarter report for fiscal 2019, giving us the unusual case of near back-to-back financials," said CEO Bhatnagar. "Because I have so many growth initiatives pending and we have fresh financials so close at hand, I have decided to resume our traditional earnings call format to coincide with our upcoming Q1/19 quarterly release, which is already in work. That will give me a little extra time to complete some important initiatives and provide us with more relevant financials to discuss."
"Looking back at fiscal 2018, investors should be encouraged at how strongly we finished in Q4, despite operating the entire year under a dark cloud of uncertainty. With the recap completed, that uncertainty is gone and I can now concentrate on growing the business. I just completed my most successful business trip, to Dubai and India, since founding Verus. The results of that trip have already been seen in some recent orders, but those are just the beginning. Our pending book of business gives me great confidence in projecting accelerating triple-digit growth throughout 2019."
The Company will return to a more normalized financial reporting format with the upcoming fiscal 2019 Q1 filing. In conjunction with that report, Verus will conduct an earnings call and provide additional commentary on expectations for 2019.
Interested investors are reminded to watch for product updates on the official Twitter feed @Verus_Foods.
$VRUS REPORTS 101% INCREASE IN ANNUAL REVENUE
https://www.nasdaq.com/press-release/verus-international-inc-reports-101-increase-in-annual-revenue-20190319-01055
Gaithersburg, MD, March 19, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. ("Verus" or the "Company") today announced financial results for its fiscal 2018 fourth quarter and full year ended October 31, 2018. In conjunction with this release, the Company will also provide additional details on its strategy for fiscal 2019.
For the full year, management is noting the following items of importance:
In fiscal 2018, Verus posted sales of $5.8 million, a 101% increase over the $2.9 million registered in fiscal 2017.
The company's gross margin averaged 12.9%, within the higher range of expectations.
Total operating expenses increased slightly by 4% to $1.7 million compared to $1.6 million in fiscal 2017.
As of October 31, 2018, the Company had sold approximately $8.2 million in products pursuant to its original $79 million buffalo order.
Investors should be aware that a large, negative charge ($0.9 million) listed as "default principal increase on convertible notes payable" will be reversed in the 2nd quarter Form 10-Q, as these penalty provisions were extinguished subsequent to the fiscal year end.
Highlights from Q4, Fiscal 2018 include the following:
Q4/18 revenue was the highest in company history at $2.2 million, marking a 134% increase over last year (Q4/17) and a 60% increase over the preceding quarter (Q3/18)
Q4/18 gross margins where within the expected higher range for the current product mix, coming in at close to 11.6%
"The fiscal 2018 10-K is a true look back in time, because it still includes the impact of the legacy real estate business and negative provisions from the convertible debt. So, the Q4 portion of this release is a better indicator of things to come," explained Verus CEO Anshu Bhatnagar. "In Q4 we began shipping on our multiproduct order, which commenced part way through the quarter. Sales will accelerate even faster as our newest orders begin to ship in upcoming months. Perhaps most importantly, investors got a glimpse of how close Verus is to profitability, without the finance and equity related changes, this would have been a profitable quarter."
On a forward basis, the Company would like to provide the following update:
Verus is projecting that quarterly sales will grow in excess of 100% on a year over year basis and accelerate significantly throughout fiscal 2019.
The Company is currently in negotiations for new contracts in both its core markets and other markets that would represent an expansion of the current product portfolio
With completion of the recent recapitalization, Verus has reinitiated discussions with commercial banks and other sources of non-dilutive financing
In terms of potential mergers and acquisitions, Verus is conducting due diligence on seven candidates and is moving forward on several of these companies. It is not possible to say how many of these candidates will become operating subsidiaries until final negotiations are completed.
Verus is approached almost weekly with partnership, acquisition, distribution and similar growth opportunities, so the consumer products space continues to show robust activity.
"Today's update should be considered Part One, because the recap delay in filing our annual report has us bumping into the first quarter report for fiscal 2019, giving us the unusual case of near back-to-back financials," said CEO Bhatnagar. "Because I have so many growth initiatives pending and we have fresh financials so close at hand, I have decided to resume our traditional earnings call format to coincide with our upcoming Q1/19 quarterly release, which is already in work. That will give me a little extra time to complete some important initiatives and provide us with more relevant financials to discuss."
"Looking back at fiscal 2018, investors should be encouraged at how strongly we finished in Q4, despite operating the entire year under a dark cloud of uncertainty. With the recap completed, that uncertainty is gone and I can now concentrate on growing the business. I just completed my most successful business trip, to Dubai and India, since founding Verus. The results of that trip have already been seen in some recent orders, but those are just the beginning. Our pending book of business gives me great confidence in projecting accelerating triple-digit growth throughout 2019."
The Company will return to a more normalized financial reporting format with the upcoming fiscal 2019 Q1 filing. In conjunction with that report, Verus will conduct an earnings call and provide additional commentary on expectations for 2019.
Interested investors are reminded to watch for product updates on the official Twitter feed @Verus_Foods.
$VRUS REPORTS 101% INCREASE IN ANNUAL REVENUE
https://www.nasdaq.com/press-release/verus-international-inc-reports-101-increase-in-annual-revenue-20190319-01055
Gaithersburg, MD, March 19, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. ("Verus" or the "Company") today announced financial results for its fiscal 2018 fourth quarter and full year ended October 31, 2018. In conjunction with this release, the Company will also provide additional details on its strategy for fiscal 2019.
For the full year, management is noting the following items of importance:
In fiscal 2018, Verus posted sales of $5.8 million, a 101% increase over the $2.9 million registered in fiscal 2017.
The company's gross margin averaged 12.9%, within the higher range of expectations.
Total operating expenses increased slightly by 4% to $1.7 million compared to $1.6 million in fiscal 2017.
As of October 31, 2018, the Company had sold approximately $8.2 million in products pursuant to its original $79 million buffalo order.
Investors should be aware that a large, negative charge ($0.9 million) listed as "default principal increase on convertible notes payable" will be reversed in the 2nd quarter Form 10-Q, as these penalty provisions were extinguished subsequent to the fiscal year end.
Highlights from Q4, Fiscal 2018 include the following:
Q4/18 revenue was the highest in company history at $2.2 million, marking a 134% increase over last year (Q4/17) and a 60% increase over the preceding quarter (Q3/18)
Q4/18 gross margins where within the expected higher range for the current product mix, coming in at close to 11.6%
"The fiscal 2018 10-K is a true look back in time, because it still includes the impact of the legacy real estate business and negative provisions from the convertible debt. So, the Q4 portion of this release is a better indicator of things to come," explained Verus CEO Anshu Bhatnagar. "In Q4 we began shipping on our multiproduct order, which commenced part way through the quarter. Sales will accelerate even faster as our newest orders begin to ship in upcoming months. Perhaps most importantly, investors got a glimpse of how close Verus is to profitability, without the finance and equity related changes, this would have been a profitable quarter."
On a forward basis, the Company would like to provide the following update:
Verus is projecting that quarterly sales will grow in excess of 100% on a year over year basis and accelerate significantly throughout fiscal 2019.
The Company is currently in negotiations for new contracts in both its core markets and other markets that would represent an expansion of the current product portfolio
With completion of the recent recapitalization, Verus has reinitiated discussions with commercial banks and other sources of non-dilutive financing
In terms of potential mergers and acquisitions, Verus is conducting due diligence on seven candidates and is moving forward on several of these companies. It is not possible to say how many of these candidates will become operating subsidiaries until final negotiations are completed.
Verus is approached almost weekly with partnership, acquisition, distribution and similar growth opportunities, so the consumer products space continues to show robust activity.
"Today's update should be considered Part One, because the recap delay in filing our annual report has us bumping into the first quarter report for fiscal 2019, giving us the unusual case of near back-to-back financials," said CEO Bhatnagar. "Because I have so many growth initiatives pending and we have fresh financials so close at hand, I have decided to resume our traditional earnings call format to coincide with our upcoming Q1/19 quarterly release, which is already in work. That will give me a little extra time to complete some important initiatives and provide us with more relevant financials to discuss."
"Looking back at fiscal 2018, investors should be encouraged at how strongly we finished in Q4, despite operating the entire year under a dark cloud of uncertainty. With the recap completed, that uncertainty is gone and I can now concentrate on growing the business. I just completed my most successful business trip, to Dubai and India, since founding Verus. The results of that trip have already been seen in some recent orders, but those are just the beginning. Our pending book of business gives me great confidence in projecting accelerating triple-digit growth throughout 2019."
The Company will return to a more normalized financial reporting format with the upcoming fiscal 2019 Q1 filing. In conjunction with that report, Verus will conduct an earnings call and provide additional commentary on expectations for 2019.
Interested investors are reminded to watch for product updates on the official Twitter feed @Verus_Foods.
I’ll give her a good smack!
Excellent post Skyy! Very well said and easy to see where RSHN is headed!
wire
And that is exactly why it will take a tremendous amount of trading to get to .01, IMO.
wire
There is my 500k @ 0028 contribution to targeting the Ask!
wire
Thanks ClayT, very nice clip!
Wire
Marked you a long time ago! Thanks for all your thorough DD man...Go TSHN!!
Beauty of a post NestEgg and so very true! Most peeps don’t even know that the whales are here and are gathering as many shares as they possibly can for this run...wink wink.
cheers,
wire
A MUST READ post and great information silver_bars...kudos for some nice DD!
wire
Excellent article...
wire
You would think, but still they bidwhack and stack the ask...SMFH!!
wire
News RushNet, Inc. Acquires Significant Stake in an Industrial Hemp Cultivation Project GlobeNewswire "Press Releases"
$RSHN news on Reuters News Service http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20180720:nGNXbXDWNC
Reposting! Thanks to Pennybuster11 for this info.
wire
LMAO! Exactly right J. Oh the humanity!
wire
Geez, is amateur 30min over yet...SMH! Sick of the whining.
Right on, almost a 50% drop in two trading days is almost guaranteed a very nice bounce. Couple that with a company that has all the "Fundamentals" attached and you have a Mega company in the making!
wire
Excellent post Milo1 and very true, I have seen this too many times in the past with OTC stocks! Get them conversions done so we can take this bad boy stock back up...is what they are really saying. I think today's trading is exactly what caught most people off guard because they thought it was tanking or certain "groups" were pounding the bid to get out. Only partly true, but not really the case as we will see starting tomorrow..IMO!
wire
If anyone has ever heard the phrase "If there's blood in the streets, it's time to buy"! I know a lot of seasoned trading veterans know what I'm talking about. Let's do it and Git R Dun!
Rock on RBIZ!!
wire
Still thinking the same fly?
Excellent silver...Appreciate the reply. GLTY!
wire
Fly- do you have a link to where you are seeing Audited Fins for RBIZ, or is this something the company is currently working on? All I see is Unaudited for April 30 2018. Appreciated it!
Wire
May be a typo. Look at the very bottom of the first page, it is correct (30 April 2018).
Cheers,
Wire
$ONCI signs AutoNation and Carmax deals. Quarterly Fins out $1.053 Milly in revs. Autonation ranks at number 136 on the FORTUNE 500 and they signed a deal with ONCI!
Wire
Most OTC stock financials are posted here, which is where I pulled the first link from to send you. This wasn't a Press Release (PR).
https://www.otcmarkets.com/stock/ONCI/overview
I love this statement, "As I have stated we are still waiting for the name change and re domicile to be approved. That being said If it does not occur by July 4th, I will be reducing the OS by the stated 1.4 billion and reduce the AS when the approval to Hexagon occurs.
Outstanding Mary! Thanks for that update. Collected me another 2.5 milly yesterday.
New tweet
We had an amazing week last week closed a 9 dealer group in Mass, A 5 dealer luxury group in Mass, VT, and NH. A large Honda group with 2 superstores in NJ and a 5 dealer group in NJ. yield sign will be off asap as we are not late nor have ever been late in filings
#REVENUERULES
Outstanding post Mary! Now I will go back into just reading and will continue holding my loot.
Is everyone drunk? $ONCI great news just hit the wires!
wire
$ONCI NEWS OUT!
On4 Communications Announces New Board Members and the Retirement of 15 Million Additional Preferred Shares
Just hit Yahoo! https://finance.yahoo.com/news/on4-communications-announces-board-members-004456158.html
NEW YORK, NY--(Marketwired - Sep 29, 2017) - On4 Communications ( OTC : ONCI ) is pleased to announce the addition of the two new board members, Michael Wach and Richard Lefkowitz. Michael Wach was the Executive Vice President of Sales at the YES Network and President General Manager of Fox 5 Television New York. Richard Lefkowitz was Global Media Chief at GYRO, the world's most independent B2B advertising agency, and the Media Director at TBWA/CHIAT DAY.
CEO Steve Berman states, "In addition, we have hired 3 new sales people for the State of California based out of Los Angeles, San Francisco and San Diego. These sales people are 100% commission based."
"Chrysler modifications will be done next week. We are sending modified units this Thursday for a 30 day test."
"Today I met with the office of the mayor of San Antonio and signed a pilot contract for 100 units. This is a 30 day pilot to be tested on select city vehicles after which time they have expressed interest in placing a much larger order."
"The final retirement of the original 30 million preferred shares has now been completed, and will be seen in our next quarterly filing due December 15th."
"I've been asked by both Ford Motor Company and Enterprise Rent-A-Car not to comment on meetings as we have signed NDAs. I expect to be able to say more on this later in October."
"I will be traveling back to Kuala Lumpur to meet with two cell phone service providers for retail selling throughout Malaysia."
"On4 Communications is pleased to announce an update on its JV with NECA. ON4 will be running the Best Title App with its FLY communications team. Revenue will come to ON4 and be split 50/50 with NECA after expenses."
"We are pleased to announce that we have signed a contract with a central Florida dealer group with 5 dealerships in Tampa and Orlando and brands including Chevy, GMC, KIA, Hyundai and Audi. This contract is for 20 units per month for each dealership totaling 100 units per month at $200 per unit for a grand total of $240,000 per year."
Updates on both Kuala Lumpur facilities and upcoming fleet meetings next week.