ITs In the 8k released today
RBIZ LET'S NOT FORGET:)))) AMAZING DISNEY LICENSED JUICES IN 2800 RETAIL STORES IS JUST THE BEGINNING.
FROM 10-Q
In January 2017, Verus received a contract valued at approximately $78 million to supply beef to the GCC countries. The first orders under this contract were shipped in February 2017. In addition, Verus executed an agreement in August 2017 to which it became the exclusive distributor of Disney-branded juice products in the UAE and Oman. The first purchase order under the agreement was issued in December 2017.
Thursday, June 21 2018 4:13 PM, EST Realbiz Media Group/Verus Foods Reports Q2 Fiscal 2018 Results, Provides Corporate Update GlobeNewswire "Press Releases"
Gaithersburg, MD ., June 21, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (RBIZ), currently operating as Verus Foods (the Company), yesterday announced the financial results for its second quarter of fiscal 2018, ended April 30, 2018 . In conjunction with these results, the Company is also providing a corporate update.
In terms of Q2/2018, management is noting the following items of importance:
For the first six months of fiscal 2018, Verus revenue totaled $2,234,444 , a 102% increase over the $985,068 reported in the first half of fiscal 2017
For the comparable six-month periods, Total Operating Expenses showed a 22% improvement at $991,645 in the first half of fiscal 2018 vs. $1,275,738 in fiscal 2017
Legal and Professional Fees in Q2/2018 were $168,280 and accounted for 31% of the Companys operating costs, but are expected to decrease following completion of the spin-off
We are putting the finishing touches on 10 SKUs and have begun designing a dozen additional products, with a goal of steadily adding to our portfolio throughout 2018, explained Verus CEO Anshu Bhatnagar . As we previously communicated, we are shifting from a wholesale to a retail focus as part of a strategy to create a more valuable distribution network, beginning with about 2,800 locations. Our SKUs are not private label versions of existing products but are based on original recipes under our own labeling and branding.
On a forward basis, the Company would like to provide the following update:
Verus has completed and filed all of the required paperwork for the NestBuilder spin-off and that process is at the Secondary Review level at FINRA
The Company is in the final due diligence stages of multiple forms of trade financing
Verus has completed labeling, packaging and is fine tuning the formulations on original, proprietary product offerings for its starting 2,800-store network, with a Phase 2 rollout planned later in 2018 that will significantly expand this initial store base
The shift from wholesale to retail is underway, which will greatly improve margins on future revenue streams
The Company can confirm that it is in talks with Asian, South American, and North American food companies that have an interest in entering the Gulf Cooperation Council (GCC) markets
Verus can confirm that it has its first business proposals from South America , which will only be implemented pending the outcome of current financing discussions
The recent increase in our share count is from conversions connected to financings from a time when our capital options were restricted by lawsuits and spin-off delays, said Verus CEO Anshu Bhatnagar . However, we remain dedicated to seeking future funding that carries better terms and that can help us grow our business. As a result, we are concentrating on arranging trade financing from more traditional and expert sources of funding for our type of business. We have already successfully completed the due diligence process with purchase order and accounts receivable financing organizations; and are in the final stages with other funding entities who represent the final link in our supply chain needs. Our orders involve simple products but have complex structures because they are international. This has been a rigorous and difficult process, but we believe that the extra time and effort will be beneficial to shareholders.
The Company has decided to reschedule its investor call, pending additional material developments that are in process. While there is no guarantee that these events will occur, management will provide an update call with investors to discuss these important events in the future.
In order to help investors, partners and customers track the companys product line expansion, Verus intends to post ongoing operational updates, including photos of packaging and in-store displays, on its Twitter feed@Verus_Foods. With a seasoned team of regional, in-house product development experts, the Company anticipates a steady stream of product announcements throughout 2018.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. consists of two business segments: an international food subsidiary ( Verus Foods ) that sells products to customers worldwide; and a real estate digital media and technology company. RealBiz Media Group, Inc. (OTC: RBIZ) trades on the OTC marketplace for early stage and developing U.S. and international companies. Investors can find Real-Time quotes and market information for the company onwww.otcmarkets.com.
