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Posted On: 08/16/2018 12:08:52 PM
Post# of 106589
RBIZ - A news release came out today
RealBiz Media Group Corporate Update: Announces Completion of Spin-off and New Contract Covering Multiple Products
GlobeNewswireAugust 16, 2018, 11:44 AM EDT
Gaithersburg, MD, Aug. 16, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (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.
RealBiz Media Group Corporate Update: Announces Completion of Spin-off and New Contract Covering Multiple Products
GlobeNewswireAugust 16, 2018, 11:44 AM EDT
Gaithersburg, MD, Aug. 16, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (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.
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