Gaithersburg, MD., June 21, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (RBIZ), currently operating as Verus Foods (the “Company”), yesterday announced the financial results for its second quarter of fiscal 2018, ended April 30, 2018. In conjunction with these results, the Company is also providing a corporate update.
In terms of Q2/2018, management is noting the following items of importance:
“We are putting the finishing touches on 10 SKUs and have begun designing a dozen additional products, with a goal of steadily adding to our portfolio throughout 2018,” explained Verus CEO Anshu Bhatnagar. “As we previously communicated, we are shifting from a wholesale to a retail focus as part of a strategy to create a more valuable distribution network, beginning with about 2,800 locations. Our SKUs are not private label versions of existing products but are based on original recipes under our own labeling and branding.”
On a forward basis, the Company would like to provide the following update:
“The recent increase in our share count is from conversions connected to financings from a time when our capital options were restricted by lawsuits and spin-off delays,” said Verus CEO Anshu Bhatnagar. “However, we remain dedicated to seeking future funding that carries better terms and that can help us grow our business. As a result, we are concentrating on arranging trade financing from more traditional and expert sources of funding for our type of business. We have already successfully completed the due diligence process with purchase order and accounts receivable financing organizations; and are in the final stages with other funding entities who represent the final link in our supply chain needs. Our orders involve simple products but have complex structures because they are international. This has been a rigorous and difficult process, but we believe that the extra time and effort will be beneficial to shareholders.”
The Company has decided to reschedule its investor call, pending additional material developments that are in process. While there is no guarantee that these events will occur, management will provide an update call with investors to discuss these important events in the future.
In order to help investors, partners and customers track the company’s product line expansion, Verus intends to post ongoing operational updates, including photos of packaging and in-store displays, on its Twitter feed @Verus_Foods. With a seasoned team of regional, in-house product development experts, the Company anticipates a steady stream of product announcements throughout 2018.
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. (OTC: RBIZ) trades on the OTC 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
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