Gaithersburg, MD, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) is pleased to announce that it has signed an agreement to supply honey products in Europe and parts of the Middle East. The initial phase of the agreement is expected to generate approximately $10 million in annual sales.
The contract will focus particularly on the United Kingdom and Germany, but will include a dozen countries in Europe and the Middle East. Depending upon the market, Verus will offer from 20 to 30 different stock keeping units (SKUs) covering a broad range of honey categories and product sizes.
“This is an important contract for Verus, because it marks our entry into Europe as an importer of a high-quality staple with consistent demand,” said Verus CEO Anshu Bhatnagar. “Our long-term goal is to be an international food seller with a wide range of product lines, suppliers and customers on multiple continents. Honey is a universal product that can spearhead that strategy.”
Although Verus has used outbound suppliers from Europe in the past, this marks the Company’s first import sales agreement in Europe. The supplier is a highly-respected global honey producer based in India.
“This honey contract is exciting because it opens up new geographies and product lines simultaneously,” explained CEO Bhatnagar. “The consumer products business is all about building relationships and gaining access to shelf space, so establishing a footprint is the first step in adding other SKUs in additional product categories. Along with this initial dozen markets, we also have the option to enter the U.S. market in the future, so we have the potential to expand our new honey business significantly over time. Honey is one of the few truly global foods, so this will open many new doors for us.”
The new honey contract is expected to commence in April 2019. Interested investors should watch for honey and other product photos (as available) on the official Twitter feed @Verus_Foods.
About Verus International, Inc.
Verus International operates an international food subsidiary (Verus Foods) that sells branded consumer products to customers worldwide. The Company trades on the OTC market (OTC:VRUS). 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
vrus@mkr-group.com