Business
RealBiz Media Group (Verus Foods) Reports Q3 Fiscal 2017 Results, Provides Operational Update on Planned Spin-off of Real Estate Division
RealBiz Media Group (Verus Foods) Reports Q3 Fiscal 2017 Results, Provides Operational Update on Planned Spin-off of Real Estate Division.
About this update from Verus International, Inc.
[{"type":"text","content":"\n \n \n RealBiz Media Group (Verus Foods) Reports Q3 Fiscal 2017 Results, Provides Operational Update on Planned Spin-off of Real Estate Division\n \n \nRealBiz Media Group (Verus Foods) Reports Q3 Fiscal 2017 Results, Provides Operational Update on Planned Spin-off of Real Estate Division\n \n NEW YORK, NY--(Marketwired - Sep 21, 2017) - RealBiz Media Group, Inc. (OTCQB: RBIZ) currently operating as Verus Foods (Verus), is pleased to announce financial results for its third quarter of fiscal 2017, ended July 31, 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 \"We spent most of Q3 setting up infrastructure and logistics in Dubai, India, Vietnam and Singapore,\" said Anshu Bhatnagar, CEO of RealBiz/Verus. \"The legacy RealBiz lawsuit has been a source of ongoing frustration, so I am happy to report some progress in splitting our two divisions into separate companies. Our revenue ramp was delayed again by this legacy issue, but Verus is now operationally-prepared to begin its sales growth -- with an independent board, a highly experienced CFO, and new divisions in Dubai and Singapore.\"\n In terms of the Verus business, the company is pleased to provide the following highlights for the quarter:\n \n \n Q3 2017 revenue totaled $1.15 million, a 409% increase over Q2 2016, representing the largest sales quarter in company history\n \n \nVerus posted a small net loss of $170,934 in Q2 2017, largely due to infrastructure expansion to support future sales growth\n \n \nWith the addition of the Vietnam buffalo order, the company now has signed annual contracts totaling $103 million\n \n \nIn Q3 2017, the company completed the formation of United Arab Emirates and Singapore Divisions, and signed a formal banking relationship with Standard Chartered Bank to facilitate new opportunities in Asia\n \n \n Post quarter-end, the company would also like to provide additional corporate developments:\n \n \n The company hired industry veteran Piyush Munot as Group CFO of its Middle East, Africa and Asian operations. Mr. Munot has a distinguished career at KMPG, PWC, and was recently Group Finance Controller at a Division of Al Dahra Holding, the leading food and agricult...