Business
RealBiz Announces Reduction of $1.1 Million in Debt, Hires CFO
RealBiz Announces Reduction of $1.1 Million in Debt, Hires CFO.
About this update from Verus International, Inc.
[{"type":"text","content":"\n \n \n RealBiz Announces Reduction of $1.1 Million in Debt, Hires CFO\n \n \nRealBiz Announces Reduction of $1.1 Million in Debt, Hires CFO\n\nImprovement to Balance Sheet Positions Company for Growth\n\n \n NEW YORK, NY--(Marketwired - Jan 10, 2017) - RealBiz Media Group, Inc. (OTCQB: RBIZ) announced today that, as of December 31, 2016, the holders of $1,105,000 of convertible notes payable agreed to convert their notes into the Company's common shares. Details of this transaction can be found in our January 2, 2017 8-K filing. This agreement makes RealBiz debt free and positions the Company to grow significantly through expansion of its international frozen food business.\n \"We thought it was important for shareholders in our new enterprise to get a fresh start, without debt or other encumbrances,\" explained new CEO Anshu Bhatnagar. \"Investors have a unique opportunity to join us in our growth literally at the beginning of this journey. We look forward to future updates where we will outline our strategy for 2017 and give shareholders a better understanding of the opportunities in front of us.\"\n In addition, on January 9, 2017, the Company named Mark B. Lucky as its acting Chief Financial Officer (CFO). Mr. Lucky is a certified public accountant and has more than 15 years of experience serving as a public company CFO. His professional background includes working with start-ups, developmental stage and mature companies across multiple industries. Recently, he served as a consultant to RealBiz, NuState Energy Holdings, Inc., Intelligent Living America, Inc., and Ronn Motor Group, Inc., and was CFO for IceWeb Inc. (OTCBB: IWEB) from March 2007 to May 2014. \n During his career, he was also employed at Axys Pharmaceuticals, Inc., The Walt Disney Company, PriceWaterhouseCoopers, LLC, and KPMG. \n \"We are very excited to have Mark Lucky join our team,\" explained Mr. Bhatnagar. \"He will not only help us complete a smooth transition from RealBiz into our new international food entity, but he also brings with him more than a decade of experience managing the financial requirements of public companies. His experience covers the spectrum from start-ups to industry giants like Disney, an important skill set as our company grows in scale.\"\n About RealBiz Media Group, Inc.\n RealBiz Media Group, Inc. operates two busin...