Business
RealBiz Media Group (Verus Foods) Reports Q2 Fiscal 2017 Results, Announces Largest Quarterly Revenue in Company History
RealBiz Media Group (Verus Foods) Reports Q2 Fiscal 2017 Results, Announces Largest Quarterly Revenue in Company History.
About this update from Verus International, Inc.
[{"type":"text","content":"\n \n \n RealBiz Media Group (Verus Foods) Reports Q2 Fiscal 2017 Results, Announces Largest Quarterly Revenue in Company History\n \n \nRealBiz Media Group (Verus Foods) Reports Q2 Fiscal 2017 Results, Announces Largest Quarterly Revenue in Company History\n \n NEW YORK, NY--(Marketwired - Jun 20, 2017) -  RealBiz Media Group, Inc. (OTCQB: RBIZ), currently operating as Verus Foods (Verus), today announced its financial results for its second quarter of fiscal 2017, ended April 30, 2017. As previously reported, the company has not yet begun full operations while it completes the resolution of legacy RealBiz issues that have impacted its ability to transition solely into an international foods business. \n \"This quarter represents a hint of things to come, as we elected to build out our infrastructure in Dubai and fortify our supplier and customer relationships in the Middle East and parts of Asia,\" said Anshu Bhatnagar, CEO of RealBiz/Verus. \"Our primary and ongoing frustration involves the legacy RealBiz lawsuits that we inherited, which have prevented us from executing a reverse stock split or closing on financing to begin our rapid growth initiatives. While a trial date (July) and resolution may be just around the corner, we nonetheless were forced to mute our growth this quarter due to these unresolved lawsuits.\" \n In terms of the Verus business, the company is pleased to provide the following update: \n \n \n Q2 2017 revenue totaled $1.08 million, a 315% increase over Q2 2016, representing the largest sales quarter in company history\n \nVerus posted a small net loss of $160,806 in Q2 2017, largely due to infrastructure expansion to support future sales growth\n \nBuffalo shipments continue on the previously announced $78 million order, but at a restrained pace pending further financing.\n \nVerus is pleased to announce an approximately $29MM contract to supply Indian meat to Vietnam for a 12-month period.\n \nIn Q2 2017, the company added cold storage and butchery operations in Dubai and commenced servicing the important HORECA (Hotel/Restaurant/Café) sector\n \nVerus is also pleased to announce that it has become the exclusive distributor in the Middle East and Africa for Al Taj, a global, India-based supplier of premium meat.\n \nThe search for a new CFO is largely complete and is expected to be announced ...