NEW YORK, NY--(Marketwired - Feb 8, 2017) - RealBiz Media Group, Inc. (OTCQB: RBIZ), announced today its financial results for its fourth quarter and full year fiscal 2016, ended October 31, 2016 and provided guidance for Fiscal 2017. RealBiz is in the process of entering the international food distribution business under the name, Verus Foods, and expects to spin off the legacy RealBiz real estate technology business within the next 60 days.
"We are excited to reach that point in this business transition where we can begin to give investors a glimpse into the future of this ongoing company," said Anshu Bhatnagar, CEO of RealBiz. "My team spent much of January doing the behind the scenes activities that come with a transition of this magnitude, so we are finally at the stage where operations can begin to accelerate. We are providing some estimates of our revenue growth as a benchmark during the start-up phase of our new international food distribution business. We shipped our first container of beef to the United Arab Emirates in February and our goal is to ramp up business steadily throughout the remainder of 2017."
New Company Highlights and Guidance: Verus Foods
- Revenue is expected to total at least $50 million for the full year fiscal 2017 (ending October 31, 2017)
- Revenue for the third quarter of fiscal 2017 (ended July 31, 2017) is expected to be approximately $20 million
- Revenue for the fourth quarter of fiscal 2017 (ended October 31, 2017) is expected to be approximately $30 million
- The Company enters fiscal 2017 with zero debt
- Verus Foods expects to be profitable following its first full quarter of operations
Fiscal 2016 Financial Results (RealBiz Legacy Business)
- The legacy RealBiz business generated $868,528 in revenue during fiscal 2016
- Investors should consult the 10-K filed today with the SEC for details regarding the legacy RealBiz fiscal 2016 financial results.
Conference Call Information
RealBiz management will host a conference call and live webcast for analysts and investors on February 8, 2017 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the Company's expansion into the international food distribution business.
To listen to the live conference call, parties in the United States and Canada should dial 877-857-6176, access code 5256834. International parties should call dial 719-325-4878, access code 5256834. 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 www.verusfoods.com. 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.
About RealBiz Media Group, Inc.
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 www.otcmarkets.com.
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.