Business
RealBiz Media Group Provides Business Update Announces New Operating Units and Product Category
RealBiz Media Group Provides Business Update Announces New Operating Units and Product Category.
About this update from Verus International, Inc.
[{"type":"text","content":"\n \n \n RealBiz Media Group Provides Business Update Announces New Operating Units and Product Category\n \n \nRealBiz Media Group Provides Business Update Announces New Operating Units and Product Category\n \n NEW YORK, NY--(Marketwired - Jul 26, 2017) - Verus Foods (Verus), currently trading as RealBiz Media Group, Inc. (OTCQB: RBIZ), is pleased to provide a business update covering legacy lawsuit, operational, and financial information. CEO Anshu Bhatnagar just completed an extensive series of meetings with suppliers and customers in both the Middle East and Asia, his fourth multi-country business trip in the last year. \n As previously communicated, July was an important month on the calendar due to the expected trial date for the legacy lawsuit involving Monaker Group and the company. Unfortunately, this date was pushed back to March 2018 by the court, due to a scheduling conflict. Although management cannot predict the outcome of current negotiations, the company is in very active discussions with the main parties involved, all of whom hold significant positions in RBIZ and are also adversely affected by further delays.\n \"Luckily, we can still grow the company while we wait for this date or some other resolution,\" explained Anshu Bhatnagar, CEO of Verus Foods, \"but I think all parties understand that to handicap our growth is not logical and explains the mindset that led to the failure of the prior RealBiz business. To put this in perspective, we have given guidance that Verus can generate more revenue every five days than RealBiz did in its best full year. No reasonable shareholder would stand in the way of that kind of growth. We are doing everything in our power to end this unreasonable delay and hope to announce alternative solutions in coming weeks.\"\n From an operational standpoint, the company continues to position itself for future expansion, with the following activities completed since the last communication with shareholders:\n \n \n Formed United Arab Emirates subsidiary -- Verus Foods MENA Ltd.\n Formed Singapore-based subsidiary -- Verus Foods Sg Pte. Ltd\n Signed new banking relationship with Standard Chartered Bank in Singapore to facilitate trade transactions for shipments - will reduce collection cycle significantly.\n Set an August start date for Vietnam beef shipments, at an initial $2.5 million/...