$RBIZ
Gaithersburg, MD, Aug. 16, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (OTCPink: RBIZ) (the “Company”) is pleased to announce that as of August 10, 2018, the distribution of the NestBuilder real estate division was successfully completed. This marks the starting point for Verus Foods as an independent company with a singular focus on the food industry. Most importantly, the Company will now be able to pursue a variety of business opportunities that had been placed on hold under the prior structure.
In that regard, Verus is happy to announce that it has reached an agreement to supply a Dubai-based food seller with up to $1 million (USD)/month in multiple vegetable, fruit and meat categories. Initial products are expected to include mangos, onions, potatoes, eggs, mutton, beef and poultry sourced from suppliers in several countries. Financing is being finalized and will utilize a Letter of Credit (LC) and non-dilutive European and U.S. sources.
The shipments will vary in terms of mix, but will generally consist of 1-4 containers of each product per week. Margins and other details will not be disclosed, but fall into the Company’s target range for these types of foods. Shipments are expected to commence in September 2018.
“Now that we are fully independent, we finally have the freedom to create our own identity and become more active in pursuing growth opportunities,” explained Verus CEO Anshu Bhatnagar. “This contract represents new business (not in our current backlog) and is just the start of the kind of recurring orders that are available to us with the right financing. In this case, we can rely on the LC to minimize our need for funds, while still generating significant revenue.”
In addition to these staples, the Company is also pleased to announce that its roadmap over the next several quarters will involve a number of significant product initiatives, including:
The introduction of six Verus-owned brands -- in the Italian foods, Middle Eastern and American food categories; and energy, fruit, and coconut lines in the beverage space
Planned line extensions in beverages
New retail and snack food product families in areas such as mixed nuts, olive oil and condiments
These initiatives are part of a long-term goal to consistently add products in order to create a robust presence throughout the food supply chain in our target markets.
In terms of corporate matters, the completion of the NestBuilder distribution will now enable Verus to file for a name and symbol change, which is expected as early as next week. Due to the significant number of strategic initiatives in various stages of development, the Company has also elected to discuss topics such as capital structure, additional financing, and potential new business lines in follow-on updates.
“I just completed a very productive international business trip where I met with suppliers, customers and potential partners,” said CEO Bhatnagar. “Due to the significant number of strategic initiatives currently in process, we have decided to schedule a more detailed update after the outcomes of these discussions have been determined. We are currently in near-term negotiations involving new contracts, sources of financing and, for the first time, merger and acquisition opportunities – each of which could have a material effect on our capital structure and the strategic direction of our business. We expect to have clarity on some of these initiatives in the next several weeks.”
Investors are invited to track new product information via the Company’s Twitter feed @Verus_Foods.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. operates an international food business under the name “Verus Foods, Inc.” The Company recently spun-off its real estate division and will file for a name and symbol change in the near future.
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