Business
RealBiz Media Group/Verus Foods Provides Corporate Update, Announces SEC Approval for Spin-Off of Real Estate Division
RealBiz Media Group/Verus Foods Provides Corporate Update, Announces SEC Approval for Spin-Off of Real Estate Division.
About this update from Verus International, Inc.
[{"type":"text","content":"\n\n GAITHERSBURG, MD, April 23, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (OTCQB: RBIZ), currently operating as Verus Foods (the “Company”), is providing this corporate update in order to give more current information to investors following the filing of the Company’s 10-K for fiscal 2017 (year ended October 31st, 2017).  The Company is happy to report that the SEC has approved the spin-off of the NestBuilder Real Estate Division and set a record date of April 25, 2018 and a distribution date of May 18, 2018. Current RealBiz (RBIZ) shareholders will receive one (1) share of NestBuilder common stock for each three hundred (300) shares of RealBiz.\n Commenting on our 10-K filing for the recently completed fiscal year, to call 2017 a “difficult” year would be an understatement, as the Company spent nearly its entire first 12 months in operation under the cloud of lawsuits connected to the former RealBiz business. However, even under this unexpected environment, the Verus Foods Division was able to make significant headway in positioning itself for the future.  Some highlights from 2017 include: Establishing a regional headquarters in Dubai along with enough cold-storage and other infrastructure to support significant growth in the regionThe creation of a Singapore-based Division to address opportunities in the Asian marketsThe signing of a major branded product category, via the Disney-branded juice deal in the UAE and OmanResolution of the legacy RealBiz lawsuitsExpanding operations to cover the four key sales categories in our business -- wholesale, van, retail and HORECA (hotel, restaurant, & cafeteria) For investors, May of 2018 should be considered the symbolic restart for Verus in conjunction with the expected spin-off, which will be followed closely by a name (and symbol change) from RealBiz Media Group to Verus Foods. Thus far in 2018, the following highlights are worth noting: Our cost structure improved, due to shifting part of our financial structure to our Dubai entityThe Company continues to receive interest from additional suppliers and brands that have a desire to begin shipping into Middle Eastern and North African marketsVerus Foods enters 2018 with an achievable backlog of $109M, without counting additional traction from existing customers In response to questi...