Business
RealBiz Media Group/Verus Foods Announces Creation of New Middle East Division
RealBiz Media Group/Verus Foods Announces Creation of New Middle East Division.
About this update from Verus International, Inc.
[{"type":"text","content":"\nGAITHERSBURG, MD, May 11, 2018 (GLOBE NEWSWIRE) -- \n RealBiz Media Group, Inc. (OTCQB: RBIZ), currently operating as Verus Foods (the “Company”), is providing this corporate update in order to communicate operational improvements in the Dubai-based operations and to answer selected shareholder questions concerning the recently filed 10-Q for Q1/2018. First, the Company is happy to announce the formation of a new, wholly-owned subsidiary, Verus Middle East General Trading, LLC, which incorporates the operations formerly affiliated with the Company’s predecessor partner in Dubai. Prior to forming the new subsidiary, Verus shared some resources with this partner, which was focused on wholesale categories that do not fit the current Verus business. Although the Company will continue to work with its former partner on selected projects, this strategic change will enable Verus to more fully concentrate on developing its own, higher-margin brands for the region. Importantly, the new Middle East Subsidiary is 100% owned by the Company. This change will have no effect on current contracts or existing product categories.  “This marks an important evolution of our business in the region, giving us full control over our operations and positioning Verus to become an important source of branded-food in the retail space,” explained Verus CEO Anshu Bhatnagar. “The creation of the Subsidiary will enable us to more effectively penetrate our target markets in the Gulf Cooperation Council (GCC) countries and will serve as a springboard to expand into other large Middle Eastern and North African markets. The 100%-owned unit completes our goal to create a fully functioning and autonomous operation in this core market.”  Key changes affiliated with the formation of the Verus Middle East Subsidiary include:  Hiring of five new personnel in sales and distribution Addition of a Head of Retail, a senior-level expert with 40 years of retail food experience Addition of a Head of Creative, a graphics and photography professional who will spearhead our packaging, branding, and design  Addition of a Head of Procurement, giving Verus an experienced manager in regional sourcing Emphasis on retail channels through the development of higher-margin Verus brands In terms of the rece...