Gaithersburg, MD, May 21, 2021 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTC: VRUS), an international food, CBD and hemp-based products company, today is providing a corporate update to inform investors of business trends. Verus is currently in the midst of an ongoing transition and turnaround program under the direction of Andy Dhruv, who assumed the role of CEO in February 2021.
In terms of sales efforts, the Company just attended the TPE International Expo in Las Vegas, NV, which is one of the largest B2B trade shows of its kind. The Pachyderm Labs division secured multiple orders for the new Waffles line, which has quickly become the division’s fastest selling product line to date in the CBD/hemp category. The Company currently has more demand than it can produce for this new product line and is working to increase its supply.
A high priority remains around expense rationalization, as management is concentrating on reducing recurring and future expense items that fall under the General and Administrative (“G&A”) category. The goal is to identify and eliminate as many non-essential expenses as possible in order to achieve profitability. Recent expense rationalizations within the G&A category include rent, promotional, and other services deemed non-essential during this turnaround period. As previously reported, the Company has continued moving away from lower-margin product lines with large future cash commitments required by royalties or supply agreements.
“This is a time of major transition here at Verus, so I appreciate the guidance I have received from prior management and the support of shareholders as I have assumed control of the Company,” explained CEO Andy Dhruv. “My plan for Verus is to concentrate on higher margin products that have better payment terms – not 60-90 days, but seven days or less, when possible. Most importantly, we are rationalizing the G&A and other recurring commitments wherever possible, in order to make our Company a sustainable entity from generated cash flows. Despite the noise surrounding our Company in the public markets, we remain focused on our turnaround plan and are working tirelessly to transition Verus into faster growing product lines. Turnarounds are hard work, so I want to thank those of you who have supported and helped our efforts during this transformative time.”
About Verus International
Verus is an emerging multi-line consumer packaged goods (CPG) company developing branded product lines in the U.S. and on a global basis. The Company trades on the OTC market (OTC: VRUS). Investors can find real-time quotes and market information for the Company on www.otcmarkets.com. Additional information is also available at the Company’s website, www.verusfoods.com, and via the official Twitter feed @Verus_Foods, and the Pachyderm Labs subsidiary Twitter feed @PachydermLabs.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results could differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Contacts
Investor Contact:
ir@verusfoods.com