Business
RealBiz Media Group Announces Global Settlement of All Legacy Lawsuits and Announces New Financing
RealBiz Media Group Announces Global Settlement of All Legacy Lawsuits and Announces New Financing.
About this update from Verus International, Inc.
[{"type":"text","content":"\n\n GAITHERSBURG, MD, Dec. 28, 2017 (GLOBE NEWSWIRE) -- \n RealBiz Media Group, Inc. (OTCQB: RBIZ), currently operating as Verus Foods (the “Company”), announced today that it entered into a settlement agreement dated December 22, 2017 (the “Settlement Agreement”) with respect to the lawsuits between the Company and Monaker Group, Inc. (“Monaker”). The Settlement Agreement represents a global settlement that resolves all lawsuits between the Company, Monaker and other parties named in these lawsuits. Pursuant to the terms of a court order dated August 2017, all negotiations on behalf of the Company were handled by Alex Aliksanyan, the Company’s former Chief Executive Officer. Pursuant to the terms of the Settlement Agreement, the Company shall reissue 44,470,101 shares of Series A Convertible Preferred Stock and 10,559,890 shares of common stock to Monaker. In addition, NestBuilder.com Corp. (“NestBuilder”) shall issue Monaker 44,470,101 shares of its common stock. Furthermore, Monaker shall (i) pay NestBuilder $100,000 in cash, (ii) issue NestBuilder 20,000 shares of its common stock and (iii) transfer 8,326,630 shares of the Company’s common stock to NestBuilder. Additionally, former RealBiz Chairman and current Monaker Director, Don Monaco, has agreed to provide the Company with favorable, non-dilutive, debt financing effective January 2, 2018.  “I believe in Verus Foods’ business model and want to help the company begin its growth phase,” explained Mr. Monaco. “This funding provides the company with the solid footing it needs as it lines up additional sources of working capital. I am looking forward to watching the Verus story unfold in 2018.” The Company will update investors in the near future concerning the planned name and symbol change, reverse split, and other anticipated corporate actions that can now move forward following these events. “I am happy that all of the pending lawsuits with Monaker have been resolved and am eager to focus on building our international food business,” commented Anshu Bhatnagar, the Company’s CEO. “But, equally important, we are grateful to Don Monaco for his vote of confidence in our future. His funding gives us some much-needed breathing room and allows us to finally put...