Business
RealBiz Media Group (Verus Foods) Announces Plans for Spin-off of Real Estate Division
RealBiz Media Group (Verus Foods) Announces Plans for Spin-off of Real Estate Division.
About this update from Verus International, Inc.
[{"type":"text","content":"\n \n \n RealBiz Media Group (Verus Foods) Announces Plans for Spin-off of Real Estate Division\n \n \nRealBiz Media Group (Verus Foods) Announces Plans for Spin-off of Real Estate Division\n \n GAITHERSBURG, MD--(Marketwired - Oct 30, 2017) - RealBiz Media Group, Inc. (OTCQB: RBIZ) (\"RealBiz\" or the \"Company\") which currently operates two business segments -- an international food subsidiary (\"Verus Foods\") that sells products to customers worldwide and a real estate digital media and technology company -- is pleased to announce the execution of a definitive agreement to spin-off the real estate segment into a separate public company named NestBuilder.com Corp. (\"NestBuilder\"). Stockholders of record at the time of the spin-off will receive an equivalent stock position in the newly formed digital real estate company. The consummation of the spin-off will be subject to the declaration of effectiveness by the Securities and Exchange Commission (\"SEC\") of a NestBuilder Form 10 registration statement to be filed with the SEC within 60 days of the date of the Spin-off agreement. \n Under terms of the Spin-off agreement, all liabilities incurred by RealBiz prior to January 2, 2017 will be assumed by NestBuilder, leaving Verus Foods in an excellent position to pursue its expansion plans in its global food business. As previously communicated, Mr. Alex Aliksanyan has exclusive control and direction of the legacy Monaker lawsuits in his capacity as CEO of NestBuilder. In addition, NestBuilder has agreed to indemnify, defend and hold harmless RealBiz from and against all damages, costs and expenses arising out of or resulting from the Monaker lawsuits. Per the agreement, the net operating loss of the Company will remain with RealBiz. \n In conjunction with these changes, Mr. Alex Aliksanyan and Mr. Tom Grbelja will leave the employ of RealBiz to become the CEO and CFO, respectively, of NestBuilder. Concurrent with these actions, RealBiz will change its name to Verus Foods and also apply for a new stock trading symbol. The Company will apply for these changes as soon as possible and will update shareholders as execution dates become available. \n \"It is wonderful that all RealBiz shareholders will benefit from our actions today,\" explained NestBuilder CEO Alex Aliksanyan. \"A 'two-for-one' stock is a tremendous bonus. Our...