$VRUS: NEWS-VERUS INTERNATIONAL ANNOUNCES EXPANSIO
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Posted On: 05/19/2020 12:00:54 PM
$VRUS: NEWS-VERUS INTERNATIONAL ANNOUNCES EXPANSION PLANS FOR U.S. SALES NETWORK
May 19, 2020 11:59 ET | Source: Verus International, Inc.
Gaithersburg, MD, May 19, 2020 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCQB: VRUS) is providing this update to highlight the positive impact on its operations from the expected restart of professional sports in the United States. The announcement by Major League Baseball (MLB) that it will attempt to conduct a shortened season has generated an immediate, positive impact on partner plans for sports-related retail initiatives through the remainder of 2020.
As a result, we are now able to provide the following update on activities at our Big League Foods (BLF) division relating to this improvement in the business outlook. Key items of importance include:
Addition of the BLF candy products to the Walmart.com e-commerce site is just the first of several planned third-party e-commerce sales channels;
BLF expects to finalize agreements to feature other professional sports as additional leagues firm up their start dates;
A new logistics program has enabled BLF to lower its online prices by 25% without any change in profit margins, opening up Hawaii and Alaska for full 50-state coverage;
BLF now has sufficient inventory in its supply channel to continue expansion into additional large regional and national chains; and
The division is experiencing increased interest in the grocery store segment and expects this channel to be the next area for expansion
“The entire retail segment has been in a state of limbo concerning the status of professional sports,” explained Verus CEO Anshu Bhatnagar. “Sports represent an important part of the promotional product year for a majority of food retailers, so the idea that this category will return was like a green light across the industry. The same holds true for other professional leagues, which can now plan for their own seasons. Removing this uncertainty has created significant and immediate interest simultaneously across the retail landscape. As a reminder, retailers plan months in advance for their seasonal product placements, so they are now scrambling to catch up to a drastically revised calendar. We now have the inventory and supply channels in place to respond quickly to what we believe will be significant near-term demand and continued growth through the remainder of 2020.”
Previously announced retail customers such as TJX Companies and Big 5 Sporting Goods are gradually moving forward with store reopenings across their networks, so product initiatives at these retailers remain intact. Strategically, BLF is also considering a rebranding to reflect the anticipated product line expansion into multiple professional sports. Due to this rapid change in the retail environment, the Company expects a heightened level of activity in the BLF division across all of its sales channels over the next several quarters. High margin candy sales will continue to be the focus over the near term due to strong customer demand and easier supply capabilities.
http://www.globenewswire.com/news-release/202...TWORK.html
May 19, 2020 11:59 ET | Source: Verus International, Inc.
Gaithersburg, MD, May 19, 2020 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCQB: VRUS) is providing this update to highlight the positive impact on its operations from the expected restart of professional sports in the United States. The announcement by Major League Baseball (MLB) that it will attempt to conduct a shortened season has generated an immediate, positive impact on partner plans for sports-related retail initiatives through the remainder of 2020.
As a result, we are now able to provide the following update on activities at our Big League Foods (BLF) division relating to this improvement in the business outlook. Key items of importance include:
Addition of the BLF candy products to the Walmart.com e-commerce site is just the first of several planned third-party e-commerce sales channels;
BLF expects to finalize agreements to feature other professional sports as additional leagues firm up their start dates;
A new logistics program has enabled BLF to lower its online prices by 25% without any change in profit margins, opening up Hawaii and Alaska for full 50-state coverage;
BLF now has sufficient inventory in its supply channel to continue expansion into additional large regional and national chains; and
The division is experiencing increased interest in the grocery store segment and expects this channel to be the next area for expansion
“The entire retail segment has been in a state of limbo concerning the status of professional sports,” explained Verus CEO Anshu Bhatnagar. “Sports represent an important part of the promotional product year for a majority of food retailers, so the idea that this category will return was like a green light across the industry. The same holds true for other professional leagues, which can now plan for their own seasons. Removing this uncertainty has created significant and immediate interest simultaneously across the retail landscape. As a reminder, retailers plan months in advance for their seasonal product placements, so they are now scrambling to catch up to a drastically revised calendar. We now have the inventory and supply channels in place to respond quickly to what we believe will be significant near-term demand and continued growth through the remainder of 2020.”
Previously announced retail customers such as TJX Companies and Big 5 Sporting Goods are gradually moving forward with store reopenings across their networks, so product initiatives at these retailers remain intact. Strategically, BLF is also considering a rebranding to reflect the anticipated product line expansion into multiple professional sports. Due to this rapid change in the retail environment, the Company expects a heightened level of activity in the BLF division across all of its sales channels over the next several quarters. High margin candy sales will continue to be the focus over the near term due to strong customer demand and easier supply capabilities.
http://www.globenewswire.com/news-release/202...TWORK.html
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