Business
RealBiz Media Group/Verus Foods Provides Spin-Off and Retail Brand Updates
RealBiz Media Group/Verus Foods Provides Spin-Off and Retail Brand Updates.
About this update from Verus International, Inc.
[{"type":"text","content":"\nGaithersburg, MD, May 23, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (OTCQB: RBIZ), currently operating as Verus Foods (the “Company”), is providing this update concerning important corporate events. The spin-off of the NestBuilder Real Estate Division was approved by the SEC for May 18, 2018 but did not occur due to an unexpected follow-on information request from FINRA.   Management is working to complete this final information request as quickly as possible and will update investors when we receive clearance from FINRA.\n More importantly, Verus is happy to report that its newly-reorganized subsidiary in Dubai has already begun to successfully penetrate the important retail channels in the region. For the first time, the Company is set to launch its own beverage brands, with three separate products covering the juice, coconut water and vitamin C drink categories. Packaging, formulation and branding are nearly complete and initial shipments are planned to begin in the next 60 days into 2,800 grocery store and similar retail outlets in Dubai. The company will start with nine SKUs between the three products and will eventually extend these brands into other Gulf Cooperation Council (GCC) countries after completing the initial roll-out.  “We are very excited to so quickly begin the process of developing and selling our own brands in the higher margin retail space,” explained Verus CEO Anshu Bhatnagar. “Gaining nine SKUs this quickly is a testament to the quality of the new team that we have assembled to penetrate retailers throughout the region. As we gain shelf space and become a familiar partner with these retailers, this also opens the door for additional product categories and distribution of other brands that wish to gain access to these growing markets. We will reach scale very quickly in this channel, so we are very optimistic about our ability to expand our product offerings at these locations.” The new beverage lines will be followed by the announcement of additional food categories (which are under development) targeting these same retail channels. The Company intends to reveal each new food category as it nears roll-out, with the goal to have a full complement of Verus branded products in its sales mix by the end of 2018.  In answer to add...