Gaithersburg, MD, Aug. 26, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (VRUS) is pleased to announce that it has procured $13.5 million in credit insurance from Euler Hermes, the global leader in trade credit insurance, surety, and related risk services. This new agreement will cover both international and domestic business.
Credit insurance coverage protects businesses from non-payment of commercial debt and removes a key element of trade risk by guaranteeing that all qualified invoices are paid. This policy will provide multiple benefits by protecting Verus and its vendors from the possibility of non-payment by end customers; while also giving Verus the ability to extend credit to current accounts and pursue new, larger customers. This type of insurance is a particularly important competitive advantage for exporters who cross international borders as part of their supply agreements.
“Euler Hermes has been in business for more than 100 years and operates in 56 countries, so credit insurance bearing their name carries enormous weight with suppliers throughout the world,” explained CEO Anshu Bhatnagar. “Qualifying for this insurance is a vote of confidence in the quality of our sales relationships, but there is a major secondary benefit that we will see down the road. Trade insurance guarantees that we will be paid, so eliminating default risk will greatly enhance our standing with commercial lenders, enabling us to expand our sources of commercial credit.”
Operational Update – Ice Cream Distributor Reorder
We are also pleased to report that our ice cream distributor in the Northeast has sold through their product and has already placed their first reorder. While this reorder will be filled from existing inventory, we are scheduling a second production run with our manufacturer to meet product demand. As previously reported, our Big League Foods (BLF) subsidiary is rolling out pint products first in the initial markets. Receiving a reorder this quickly is encouraging at this very early stage in the product launch.
With distribution of both ice cream and candy accelerating, we are pleased to announce that BLF has hired a logistics manager in anticipation of the next wave of geographic expansion for our Major League Baseball (MLB) products. Additionally, we will be participating in our first U.S. food show this Fall and have already begun planning for future team roll-outs for the 2020 season. We will provide a full update on our plans for this fast-growing product line in our upcoming Q3/19 earnings call.
In addition to selected corporate commentary, interested investors are encouraged to monitor upcoming product announcements via 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. Additional information is also available at the Company website: www.verusfoods.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.
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