NEW YORK, NY--(Marketwired - Jul 26, 2017) - Verus Foods (Verus), currently trading as RealBiz Media Group, Inc. (
As previously communicated, July was an important month on the calendar due to the expected trial date for the legacy lawsuit involving Monaker Group and the company. Unfortunately, this date was pushed back to March 2018 by the court, due to a scheduling conflict. Although management cannot predict the outcome of current negotiations, the company is in very active discussions with the main parties involved, all of whom hold significant positions in RBIZ and are also adversely affected by further delays.
"Luckily, we can still grow the company while we wait for this date or some other resolution," explained Anshu Bhatnagar, CEO of Verus Foods, "but I think all parties understand that to handicap our growth is not logical and explains the mindset that led to the failure of the prior RealBiz business. To put this in perspective, we have given guidance that Verus can generate more revenue every five days than RealBiz did in its best full year. No reasonable shareholder would stand in the way of that kind of growth. We are doing everything in our power to end this unreasonable delay and hope to announce alternative solutions in coming weeks."
From an operational standpoint, the company continues to position itself for future expansion, with the following activities completed since the last communication with shareholders:
- Formed United Arab Emirates subsidiary -- Verus Foods MENA Ltd.
- Formed Singapore-based subsidiary -- Verus Foods Sg Pte. Ltd
- Signed new banking relationship with Standard Chartered Bank in Singapore to facilitate trade transactions for shipments - will reduce collection cycle significantly.
- Set an August start date for Vietnam beef shipments, at an initial $2.5 million/month rate
- CFO search complete, offer in place with lead candidate (pending acceptance)
- Signed agreement with Aznar, an international supplier of 100% natural pomegranate juice under the Grante Band for the retail sector.
- Began interviewing additional candidates to expand the company's Board of Directors
"This new relationship with Standard Chartered Bank is very important because it will allow us to finance some of our shipments into clients, enabling us to generate some modest growth despite the persistent handicap to financing from the legacy RBIZ lawsuits," explained CEO Bhatnagar. "Also of great significance, the Grante pomegranate juice agreement marks our initial move into the retail space, an area where that first SKU is often the hardest. We believe that this relationship will open the door to sourcing other favorable high-margin products for the important retail segment."
Verus Foods has completed the organizational measures necessary to meet its initial growth projections, with only the timing of milestones to be determined by the status of the legacy lawsuits. Investors should expect more frequent news flow in the near future as the company completes additional actions to expand its infrastructure and sales.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. operates 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. (
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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.