Gaithersburg, MD, July 02, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (RBIZ), currently operating as Verus Foods (the “Company”), has set new dates and provisions for the spin-off of the NestBuilder Real Estate Division. Shareholders of record as of July 2, 2018 will now be eligible to receive shares in NestBuilder, with the distribution date on July 12, 2018 (pending FINRA approval). In addition, the new conversion ratio will be 900 RBIZ shares for each (1) share of NestBuilder. As a result of this revised date, a greater number of shareholders will be eligible to participate in the spin-off.
Subsequent to the spin-off, RealBiz will file with the SEC for a name change to “Verus Foods, Inc.” along with a symbol change (to be determined). Shareholders will see these changes reflected in their account statements and are not required to take any action. While the spin-off will become effective July 12, 2018 (pending FINRA approval), the name and symbol change will be filed separately.
“This brings us one step closer to complete autonomy with our own name and identity,” said Verus CEO Anshu Bhatnagar. “This is more than just a symbolic move, as the two divisions’ financials will become separate, simplifying our quarterly financials and reducing the ongoing legal and accounting expenses that have accompanied this long process. Just as importantly, the name change will remove some of the confusion among lenders, customers, and shareholders concerning the nature of our business.”
In addition, the Company is pleased to formally announce its first two product line extensions: a Japanese-style vitamin C drink called Shin C and a refreshing Coconut Water beverage under the Jujurbrand name. As a reminder, investors who would like to follow product line activities are invited to monitor the Company’s new Twitter feed @Verus_Foods, which will feature periodic product introductions and industry-related news. For interested investors, this will be a great source to view packaging and line extensions as we roll out a wider selection of products. We currently have close to a dozen new SKUs in various stages of development.
“We believe that our in-house design team will be one of our primary strengths as we enter the retail space,” explained CEO Bhatnagar. “We look forward to sharing examples of the attractive packaging and unique product offerings that we will be introducing in coming months. These products will feature our own recipes, designs and brand names. As we gain shelf space with our own brands, we also intend to pursue distribution agreements with other major brands that need a trusted partner in the GCC. We believe that this two-pronged approach can create a much larger and more valuable distribution network.”
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. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.
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