Business
RealBiz Media Group Guides to at Least $50 Million in Revenue for Fiscal 2017; Company to Host Investor Conference Call Today at 2:00 PM PT
RealBiz Media Group Guides to at Least $50 Million in Revenue for Fiscal 2017; Company to Host Investor Conference Call Today at 2:00 PM PT.
About this update from Verus International, Inc.
[{"type":"text","content":"\n \n \n RealBiz Media Group Guides to at Least $50 Million in Revenue for Fiscal 2017; Company to Host Investor Conference Call Today at 2:00 PM PT\n \n \nRealBiz Media Group Guides to at Least $50 Million in Revenue for Fiscal 2017; Company to Host Investor Conference Call Today at 2:00 PM PT\n \n NEW YORK, NY--(Marketwired - Feb 8, 2017) -  RealBiz Media Group, Inc. (OTCQB: RBIZ), announced today its financial results for its fourth quarter and full year fiscal 2016, ended October 31, 2016 and provided guidance for Fiscal 2017. RealBiz is in the process of entering the international food distribution business under the name, Verus Foods, and expects to spin off the legacy RealBiz real estate technology business within the next 60 days.\n \"We are excited to reach that point in this business transition where we can begin to give investors a glimpse into the future of this ongoing company,\" said Anshu Bhatnagar, CEO of RealBiz. \"My team spent much of January doing the behind the scenes activities that come with a transition of this magnitude, so we are finally at the stage where operations can begin to accelerate. We are providing some estimates of our revenue growth as a benchmark during the start-up phase of our new international food distribution business. We shipped our first container of beef to the United Arab Emirates in February and our goal is to ramp up business steadily throughout the remainder of 2017.\"\n New Company Highlights and Guidance: Verus Foods\n \n \n Revenue is expected to total at least $50 million for the full year fiscal 2017 (ending October 31, 2017)\n \nRevenue for the third quarter of fiscal 2017 (ended July 31, 2017) is expected to be approximately $20 million\n \nRevenue for the fourth quarter of fiscal 2017 (ended October 31, 2017) is expected to be approximately $30 million\n \nThe Company enters fiscal 2017 with zero debt\n \nVerus Foods expects to be profitable following its first full quarter of operations \n \n \n Fiscal 2016 Financial Results (RealBiz Legacy Business)\n \n \n The legacy RealBiz business generated $868,528 in revenue during fiscal 2016\n \nInvestors should consult the 10-K filed today with the SEC for details regarding the legacy RealBiz fiscal 2016 financial results. \n \n \n Conference Call Information\n RealBiz management will host a conference call and live webca...