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:
- For the first six months of fiscal 2018, Verus revenue totaled $2,234,444, a 102% increase over the $985,068 reported in the first half of fiscal 2017
- For the comparable six-month periods, Total Operating Expenses showed a 22% improvement at $991,645 in the first half of fiscal 2018 vs. $1,275,738 in fiscal 2017
- Legal and Professional Fees in Q2/2018 were $168,280 and accounted for 31% of the Company’s operating costs, but are expected to decrease following completion of the spin-off
“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:
- Verus has completed and filed all of the required paperwork for the NestBuilder spin-off and that process is at the Secondary Review level at FINRA
- The Company is in the final due diligence stages of multiple forms of trade financing
- Verus has completed labeling, packaging and is fine tuning the formulations on original, proprietary product offerings for its starting 2,800-store network, with a Phase 2 rollout planned later in 2018 that will significantly expand this initial store base
- The shift from wholesale to retail is underway, which will greatly improve margins on future revenue streams
- The Company can confirm that it is in talks with Asian, South American, and North American food companies that have an interest in entering the Gulf Cooperation Council (GCC) markets
- Verus can confirm that it has its first business proposals from South America, which will only be implemented pending the outcome of current financing discussions
“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
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.
CONTACT: Investor Contact: MKR Group Inc. Todd Kehrli or Mark Forney email@example.com
© 2018 GlobeNewswire, Inc. All Rights Reserved.