Business
RealBiz Media Group Corporate Update: Announces Completion of Spin-off and New Contract Covering Multiple Products
RealBiz Media Group Corporate Update: Announces Completion of Spin-off and New Contract Covering Multiple Products.
About this update from Verus International, Inc.
[{"type":"text","content":"\nGaithersburg, MD, Aug. 16, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (OTCPink: RBIZ) (the “Company”) is pleased to announce that as of August 10, 2018, the distribution of the NestBuilder real estate division was successfully completed.  This marks the starting point for Verus Foods as an independent company with a singular focus on the food industry.  Most importantly, the Company will now be able to pursue a variety of business opportunities that had been placed on hold under the prior structure. \n In that regard, Verus is happy to announce that it has reached an agreement to supply a Dubai-based food seller with up to $1 million (USD)/month in multiple vegetable, fruit and meat categories. Initial products are expected to include mangos, onions, potatoes, eggs, mutton, beef and poultry sourced from suppliers in several countries. Financing is being finalized and will utilize a Letter of Credit (LC) and non-dilutive European and U.S. sources.   The shipments will vary in terms of mix, but will generally consist of 1-4 containers of each product per week. Margins and other details will not be disclosed, but fall into the Company’s target range for these types of foods. Shipments are expected to commence in September 2018.  “Now that we are fully independent, we finally have the freedom to create our own identity and become more active in pursuing growth opportunities,” explained Verus CEO Anshu Bhatnagar. “This contract represents new business (not in our current backlog) and is just the start of the kind of recurring orders that are available to us with the right financing. In this case, we can rely on the LC to minimize our need for funds, while still generating significant revenue.” In addition to these staples, the Company is also pleased to announce that its roadmap over the next several quarters will involve a number of significant product initiatives, including:  The introduction of six Verus-owned brands -- in the Italian foods, Middle Eastern and American food categories; and energy, fruit, and coconut lines in the beverage space Planned line extensions in beverages New retail and snack food product families in areas such as mixed nuts, olive oil and condiments These initiatives are part of a long-term goal to consistently add...