Gaithersburg, MD, May 23, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (OTCQB: RBIZ), currently operating as Verus Foods (the “Company”), is providing this update concerning important corporate events. The spin-off of the NestBuilder Real Estate Division was approved by the SEC for May 18, 2018 but did not occur due to an unexpected follow-on information request from FINRA. Management is working to complete this final information request as quickly as possible and will update investors when we receive clearance from FINRA.
More importantly, Verus is happy to report that its newly-reorganized subsidiary in Dubai has already begun to successfully penetrate the important retail channels in the region. For the first time, the Company is set to launch its own beverage brands, with three separate products covering the juice, coconut water and vitamin C drink categories. Packaging, formulation and branding are nearly complete and initial shipments are planned to begin in the next 60 days into 2,800 grocery store and similar retail outlets in Dubai. The company will start with nine SKUs between the three products and will eventually extend these brands into other Gulf Cooperation Council (GCC) countries after completing the initial roll-out.
“We are very excited to so quickly begin the process of developing and selling our own brands in the higher margin retail space,” explained Verus CEO Anshu Bhatnagar. “Gaining nine SKUs this quickly is a testament to the quality of the new team that we have assembled to penetrate retailers throughout the region. As we gain shelf space and become a familiar partner with these retailers, this also opens the door for additional product categories and distribution of other brands that wish to gain access to these growing markets. We will reach scale very quickly in this channel, so we are very optimistic about our ability to expand our product offerings at these locations.”
The new beverage lines will be followed by the announcement of additional food categories (which are under development) targeting these same retail channels. The Company intends to reveal each new food category as it nears roll-out, with the goal to have a full complement of Verus branded products in its sales mix by the end of 2018.
In answer to additional shareholder questions, the Company continues to discuss commercial lines of credit for working capital purposes with multiple funding sources that operate in its core regions and lines of business. Corporate questions involving share count, debt and other related items will be updated in conjunction with the next quarterly financial statements. In addition, the proposed name and symbol change will be filed as soon as the spin-off is completed.
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. (OTCQB: RBIZ) trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com .
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Contacts Investor Contact: MKR Group Inc. Todd Kehrli or Mark Forney rbiz@mkr-group.com
