NEW YORK, NY--(Marketwired - Mar 22, 2017) - RealBiz Media Group, Inc. (OTCQB: RBIZ) announced today its financial results for its first quarter of fiscal 2017, ended January 31, 2017. As previously communicated, this represents the last quarter of the legacy RealBiz real estate operations and does not yet reflect the impact of the transition to Verus Foods. Because the first quarter reflects no Verus Foods' operations, management has elected not to hold a conference call in conjunction with this release. The company intends to restart its quarterly conference call schedule when it announces its Q2 Fiscal 2017 results. Investors should consult the 10-Q filed today with the SEC for details regarding these legacy RealBiz Q1 Fiscal 2017 financial results.
"This quarter is primarily a historical record, because our involvement in the business only began on January 2, 2017 and our first shipment did not go out until after the quarter end," said Anshu Bhatnagar, CEO of RealBiz/Verus. "So, the next quarter, Q2 2017, will mark the real beginning of the Company in its new form as Verus Foods."
In terms of the Verus business, the Company is pleased to provide the following update:
- The first two qualifying buffalo shipments were approved by customers and production shipments have begun on the previously announced $78 million order.
- Following the first two deliveries, the Company has ordered an additional six containers and has begun to scale into its production quantities on this annualized contract.
- In early March in Dubai, Verus attended GulFood (the world's largest food show) introducing itself for the first time as a public company to key customers and suppliers.
- Verus is in active discussions with customers in its other food categories, particularly poultry, seafood, French fries and frozen vegetables.
- The company is also in talks to sign exclusive distribution agreements with multiple buffalo suppliers in the region.
In addition to these Verus operating metrics, the Company is aggressively working to complete the last few legacy transitional requirements concerning the RealBiz real estate technology operations. Key action items include:
- Final spin-off of the RealBiz real estate technology segment.
- Due to the delay, the Company plans to refile and amend the reverse split to a lower ratio (to be determined based on its future share price), in order to foster a better balance between share price and liquidity. The one for two hundred (1:200) ratio filed by prior management reflected the share price at that time, but management believes that it is less desirable at current prices.
- Filing for a name and symbol change.
"We are glad to be finally nearing an end to this transitional period so that we can concentrate entirely on building our international food business," explained Anshu Bhatnagar. "GulFood represented an unveiling of sorts for Verus Foods among both existing and new contacts; and I was very pleased with the response from potential partners and customers in our target markets. I look forward to updating investors on our progress in the coming weeks."
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.