NEW YORK, NY--(Marketwired - Nov 22, 2016) - RealBiz Media Group, Inc. (OTCQB: RBIZ) today announced that its Board of Directors and stockholders had authorized a one for two hundred split of its common stock. The split will increase the company's bid price and should be in force sometime near the end of December 2016.
The Board believes that the reverse split is in the best interest of the company, principally because of the impact it may have on the bid price of its common stock and facilitate their ability to attract investment. Various factors have created adverse conditions for the company's operations and stock price, including:
(1) A reluctance among certain institutions and investors to invest in low priced securities;
(2) Internal restrictions imposed by many securities firms on the solicitation of orders for low priced stocks by stockbrokers;
(3) The ineligibility of the common stock for margin loans due to its low share price;
(4) A reluctance among analysts to write research reports on low priced stocks due to the preceding factors; and
(5) High transaction costs relative to share price due to the prevailing rule that commissions charged on the purchase and sale of stock, as a percentage of share price, are higher on lower priced stocks.
The reverse split should benefit and serve the future business plans of RealBiz well.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. is a real estate digital media and technology company whose proprietary video processing technology makes it one of the leaders in providing home video tours to the real estate industry. Its client base reaches more than 350,000 real estate agents and brokers. The company provides a series of products including a consumer portal at http://www.nestbuilder.com, an agent-only platform known as PowerAgent, an agent social media and marketing solution known as ReachFactor, a growing MVA network, virtual tours and mobile apps. The company enjoys access to many of the nation's largest real estate companies with numerous approved vendors and national contracts.
Safe Harbor Statement
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.