Gaithersburg, MD, March 05, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) is pleased to announce that it has received an order from a distributor to deliver approximately $4 million worth of rice annually for the Dubai market. Verus will source three to four varieties of rice from multiple producers in India to meet this initial demand. Under the terms of the agreement, Verus will sell rice under both the supplier’s brand name and a Verus brand.
Financing should be in place within a week and the first containers are expected to begin shipping soon at a rate of approximately ten containers per month. These products will consist of basmati and other rice varieties in primarily 10kg package sizes for the retail and commercial markets.
“This is exactly the kind of contract that we believe we can replicate many times over,” explained Verus CEO Anshu Bhatnagar. “As we announce these orders for branded staples found in just about every home and restaurant in our current markets, investors should remember that these are starter quantities. We expect these orders to grow as they season, with expansion coming from both market penetration and extension into new geographies.”
The rice agreement fits into Verus’s strategic plan to gradually layer on product lines across many retail and wholesale food categories, with an early emphasis on scalable staples.
“In our core markets, branded products and fresh foods get the best margins,” explained CEO Bhatnagar. “So, those are areas where we intend to initially focus. When you can establish a footprint with a branded version of a leading staple, such as rice or our previously announced honey, you get the added bonus that the opportunity is essentially open-ended. Rice is a multi-billion dollar import in the places where we already operate, so it was essential that we establish a presence in this key category.”
Interested investors are reminded to watch for product updates 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 (VRUS). Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com.
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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.
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