FORT LAUDERDALE, FL - (NewMediaWire) - November 17, 2015 - RealBiz Media Group, Inc. (OTCQB: RBIZ), the market leader in video technology for the real estate industry, has entered into a settlement agreement with Himmil Investments Ltd. to redeem a 7.5% convertible promissory note dated May 2015 and significant common stock purchase warrants, for $500,000.
RealBiz management had identified the debt instrument as a priority of the Company and made it a short term objective of RealBiz to redeem the debt. "We are pleased to have been able to come to agreement with Himmil to redeem this convertible note and the warrants. The conversion ratio in these notes were based on the fluctuating market price of our common stock. We believe that the market price based conversion formula subjected the company and its common stockholders to significant risks, including dramatic stock price reductions, increased dilution, and increased shares outstanding. We felt that redeeming these securities was of critical importance, as it represented a potential for constant downward pressure on our stock price. Moving forward, this action will allow the company's stock to trade based on a more direct correlation to its business growth," said Alex O. Aliksanyan, Chief Executive Officer of RealBiz.
Under the terms of the settlement agreement, the closing of the transaction is expected to be completed within thirty (30) days of the Agreement. Upon the closing, the convertible notes and the warrants will be cancelled and of no further force and effect.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. is a real estate digital media and technology company whose proprietary video processing technology makes it one of the leaders in providing home video tours to the real estate industry. Its client base reaches more than 350,000 real estate agents and brokers. The company provides a series of products including a consumer portal at http://www.nestbuilder.com, an agent-only platform known as PowerAgent, an agent social media and marketing solution known as ReachFactor, a growing MVA network, virtual tours and mobile apps. The company enjoys access to many of the nation's largest real estate companies with numerous approved vendors and national contracts.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.