NEW YORK, NY — (Marketwired) — 09/21/17 — RealBiz Media Group, Inc. (OTCQB: RBIZ) currently operating as Verus Foods (Verus), is pleased to announce financial results for its third quarter of fiscal 2017, ended July 31, 2017. As previously reported, the company has not yet begun full operations while it completes the resolution of legacy RealBiz issues that have impacted its ability to transition solely into an international foods business.
“We spent most of Q3 setting up infrastructure and logistics in Dubai, India, Vietnam and Singapore,” said Anshu Bhatnagar, CEO of RealBiz/Verus. “The legacy RealBiz lawsuit has been a source of ongoing frustration, so I am happy to report some progress in splitting our two divisions into separate companies. Our revenue ramp was delayed again by this legacy issue, but Verus is now operationally-prepared to begin its sales growth — with an independent board, a highly experienced CFO, and new divisions in Dubai and Singapore.”
In terms of the Verus business, the company is pleased to provide the following highlights for the quarter:
Q3 2017 revenue totaled $1.15 million, a 409% increase over Q2 2016, representing the largest sales quarter in company history
Verus posted a small net loss of $170,934 in Q2 2017, largely due to infrastructure expansion to support future sales growth
With the addition of the Vietnam buffalo order, the company now has signed annual contracts totaling $103 million
In Q3 2017, the company completed the formation of United Arab Emirates and Singapore Divisions, and signed a formal banking relationship with Standard Chartered Bank to facilitate new opportunities in Asia
Post quarter-end, the company would also like to provide additional corporate developments:
The company hired industry veteran Piyush Munot as Group CFO of its Middle East, Africa and Asian operations. Mr. Munot has a distinguished career at KMPG, PWC, and was recently Group Finance Controller at a Division of Al Dahra Holding, the leading food and agriculture dedicated sovereign wealth fund in Abu Dhabi, UAE. Mr. Munot received his MBA from Indian Institute of Management, Ahmedabad, India (one of the top 10 business schools in the world) and is a US Certified Public Accountant.
A court ruling on August 30th, 2017 in Montgomery County Circuit Court placed control of the legacy Monaker Group litigation with the Real Estate Division, thereby enabling the real estate and food units to split into separate companies.
Under the terms of this ruling, RealBiz will now be able to finally spin-off the legacy RealBiz business, with the Real Estate Division renamed “NestBuilder” and operating as a distinct public company under the direction of Alex Aliksanyan; and the Verus Foods Division operating as a separate public company under the direction of CEO Anshu Bhatnagar. Shareholders of record at the time of the spin-off will own shares in both companies.
“Our ultimate goal is to separate Verus Foods from these legacy disputes, so we are pleased to finally see some progress in that regard,” explained Anshu Bhatnagar, CEO of Verus Foods. “We still have some details to iron out, so we cannot yet provide a schedule on the spin-off. However, this ruling will enable us to separate as soon as possible into an independent food business that gives shareholders the fresh start that we have been hoping for since the beginning of this year. “
RealBiz management will host a conference call and live webcast for analysts and investors on September 22, 2017 at 12:00 p.m. (noon) Eastern Time (9:00 a.m. Pacific Time) to discuss the Company–s financial results and business plan going forward.
To listen to the live conference call, parties in the United States and Canada should dial 888-430-8678, access code 1526157. International parties should call dial 719-785-1748, access code 1526157. Please dial in approximately 15 minutes prior to the start of the call.
A live and archived webcast of the conference call will be accessible on the “Investor Relations” section of the Company–s website at . To access the live webcast, please log in 15 minutes prior to the start of the call to download and install any necessary audio software.
RealBiz Media Group, Inc. operates two business segments: an international food subsidiary (Verus Foods) that sells products to customers worldwide; and a real estate digital media and technology company. RealBiz Media Group, Inc. (OTCQB: RBIZ) trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. Investors can find Real-Time quotes and market information for the company on .
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contacts
MKR Group Inc.
Todd Kehrli or Mark Forney
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