Business
RealBiz Media Group/Verus Foods Announces Spin-Off Plans for NestBuilder Real Estate Division
RealBiz Media Group/Verus Foods Announces Spin-Off Plans for NestBuilder Real Estate Division.
About this update from Verus International, Inc.
[{"type":"text","content":"\nGaithersburg, MD, July 02, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (RBIZ), currently operating as Verus Foods (the “Company”), has set new dates and provisions for the spin-off of the NestBuilder Real Estate Division. Shareholders of record as of July 2, 2018 will now be eligible to receive shares in NestBuilder, with the distribution date on July 12, 2018 (pending FINRA approval). In addition, the new conversion ratio will be 900 RBIZ shares for each (1) share of NestBuilder. As a result of this revised date, a greater number of shareholders will be eligible to participate in the spin-off. \n Subsequent to the spin-off, RealBiz will file with the SEC for a name change to “Verus Foods, Inc.” along with a symbol change (to be determined). Shareholders will see these changes reflected in their account statements and are not required to take any action. While the spin-off will become effective July 12, 2018 (pending FINRA approval), the name and symbol change will be filed separately. “This brings us one step closer to complete autonomy with our own name and identity,” said Verus CEO Anshu Bhatnagar. “This is more than just a symbolic move, as the two divisions’ financials will become separate, simplifying our quarterly financials and reducing the ongoing legal and accounting expenses that have accompanied this long process. Just as importantly, the name change will remove some of the confusion among lenders, customers, and shareholders concerning the nature of our business.” In addition, the Company is pleased to formally announce its first two product line extensions: a Japanese-style vitamin C drink called Shin C and a refreshing Coconut Water beverage under the Jujurbrand name. As a reminder, investors who would like to follow product line activities are invited to monitor the Company’s new Twitter feed @Verus_Foods, which will feature periodic product introductions and industry-related news. For interested investors, this will be a great source to view packaging and line extensions as we roll out a wider selection of products. We currently have close to a dozen new SKUs in various stages of development. “We believe that our in-house design team will be one of our primary strengths as we enter the retail space,” ex...