Business
Realbiz Media Group/Verus Foods Reports Q2 Fiscal 2018 Results, Provides Corporate Update
Realbiz Media Group/Verus Foods Reports Q2 Fiscal 2018 Results, Provides Corporate Update.
About this update from Verus International, Inc.
[{"type":"text","content":"\nGaithersburg, MD., June 21, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (RBIZ), currently operating as Verus Foods (the “Company”), yesterday announced the financial results for its second quarter of fiscal 2018, ended April 30, 2018. In conjunction with these results, the Company is also providing a corporate update. \n In terms of Q2/2018, management is noting the following items of importance: For the first six months of fiscal 2018, Verus revenue totaled $2,234,444, a 102% increase over the $985,068 reported in the first half of fiscal 2017For the comparable six-month periods, Total Operating Expenses showed a 22% improvement at $991,645 in the first half of fiscal 2018 vs. $1,275,738 in fiscal 2017Legal and Professional Fees in Q2/2018 were $168,280 and accounted for 31% of the Company’s operating costs, but are expected to decrease following completion of the spin-off “We are putting the finishing touches on 10 SKUs and have begun designing a dozen additional products, with a goal of steadily adding to our portfolio throughout 2018,” explained Verus CEO Anshu Bhatnagar. “As we previously communicated, we are shifting from a wholesale to a retail focus as part of a strategy to create a more valuable distribution network, beginning with about 2,800 locations. Our SKUs are not private label versions of existing products but are based on original recipes under our own labeling and branding.” On a forward basis, the Company would like to provide the following update: Verus has completed and filed all of the required paperwork for the NestBuilder spin-off and that process is at the Secondary Review level at FINRAThe Company is in the final due diligence stages of multiple forms of trade financingVerus has completed labeling, packaging and is fine tuning the formulations on original, proprietary product offerings for its starting 2,800-store network, with a Phase 2 rollout planned later in 2018 that will significantly expand this initial store baseThe shift from wholesale to retail is underway, which will greatly improve margins on future revenue streamsThe Company can confirm that it is in talks with Asian, South American, and North American food companies that have an interest in entering the Gulf Cooperation Council (GCC) markets Verus can confirm that it has its fir...