“On a forward basis, the Company would like to provide the following update:
Verus has filed all necessary paperwork for a name change to Verus International, Inc. and a symbol change to VRUS and is awaiting final processing of these changes by FINRA.
The Company is completing the logistical arrangements of its new multi-product order, which will involve as many as a dozen products sourced from six or more countries. This new mixed-product order is expected to ship at a rate of approximately $1.0 million per month when it commences in the next several weeks.
Verus is currently in discussion with the remaining convertible note holders concerning the potential payoff of the notes.
As part of a proposed recapitalization, the Company is in active discussions with a syndicate of investors who have expressed an interest in replacing the existing debt structure along with funding a portion of current backlog.
Verus can confirm that it is in very late stage discussions with two M&A candidates, one that would represent a line extension into existing markets; and a second that would create significant vertical integration opportunities and new facilities on two continents.”
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