RealBiz Media Group, Inc. Achieves Significant Financial Milestones
Company Achieves Positive Monthly Cash Flow, a First in Its History and Removes $1,000,000 per Year in Payments
FORT LAUDERDALE, FL--(Marketwired - Sep 22, 2015) - RealBiz Media Group, Inc. (OTCQB: RBIZ) today announced that the company is now cash flow positive on a monthly basis. The company achieved the milestone during the month of July, 2015 and continued this success for the month of August. The company further anticipates month over month profitability for the ensuing months of 2015.
"This is an exciting time for RealBiz! With the majority of our sales deriving from residual revenue streams and our significant cost cutting initiatives over the last several months, we anticipate our cash flow continuing to escalate on a monthly basis moving forward. Our new products are being well received by the marketplace and a slew of product enhancements coming soon should provide further fuel to our growth," commented Alex Aliksanyan, CEO of RealBiz Media Group.
The company has also reached a beneficial agreement with Monaker Group Inc. to waive all future dividend payments as a result of their ownership of RealBiz preferred A shares.
"This is significant financially as it will translate into approximately $1,000,000 in annual savings and removes a potential stock dilution threat. On a non-interest, cash only basis, the company is excited to begin delivering some of the financial metrics that investors require and looks forward to continued improvement in the future. This has been a long time coming, and the new management team in place is poised to take on the challenge," continued Mr. Aliksanyan.
Additionally Mr. Donald Monaco, Chairman of the Board of RealBiz Media Group Inc. entered into a private placement to purchase $250,000 of the company's common stock. "I have great confidence that RealBiz has the right management team and the right product strategy to enjoy substantial growth in the massive real estate space," said Don Monaco.
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.
