Business
VERUS INTERNATIONAL SIGNS $13.5 MILLION CREDIT INSURANCE POLICY; SELLS OUT FIRST RUN OF MLB ICE CREAM
VERUS INTERNATIONAL SIGNS $13.5 MILLION CREDIT INSURANCE POLICY; SELLS OUT FIRST RUN OF MLB ICE CREAM.
About this update from Verus International, Inc.
[{"type":"text","content":"\n Gaithersburg, MD, Aug. 26, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCQB:VRUS) is pleased to announce that it has procured $13.5 million in credit insurance from Euler Hermes, the global leader in trade credit insurance, surety, and related risk services. This new agreement will cover both international and domestic business.  Credit insurance coverage protects businesses from non-payment of commercial debt and removes a key element of trade risk by guaranteeing that all qualified invoices are paid. This policy will provide multiple benefits by protecting Verus and its vendors from the possibility of non-payment by end customers; while also giving Verus the ability to extend credit to current accounts and pursue new, larger customers. This type of insurance is a particularly important competitive advantage for exporters who cross international borders as part of their supply agreements. “Euler Hermes has been in business for more than 100 years and operates in 56 countries, so credit insurance bearing their name carries enormous weight with suppliers throughout the world,” explained CEO Anshu Bhatnagar. “Qualifying for this insurance is a vote of confidence in the quality of our sales relationships, but there is a major secondary benefit that we will see down the road. Trade insurance guarantees that we will be paid, so eliminating default risk will greatly enhance our standing with commercial lenders, enabling us to expand our sources of commercial credit.” Operational Update – Ice Cream Distributor Reorder We are also pleased to report that our ice cream distributor in the Northeast has sold through their product and has already placed their first reorder. While this reorder will be filled from existing inventory, we are scheduling a second production run with our manufacturer to meet product demand. As previously reported, our Big League Foods (BLF) subsidiary is rolling out pint products first in the initial markets. Receiving a reorder this quickly is encouraging at this very early stage in the product launch. With distribution of both ice cream and candy accelerating, we are pleased to announce that BLF has hired a logistics manager in anticipation of the next wave of geographic expansion for our Major League Baseball (MLB)...