Gaithersburg, MD, Jan. 31, 2018 (GLOBE NEWSWIRE) -- RealBiz Media Group, Inc. (OTCQB: RBIZ), currently operating as Verus Foods (the “Company”), is pleased to announce that Verus has received an unrestricted one-year promissory note in the sum of $530,000 from Monaker Board Member Don Monaco. This note greatly enhances the Company’s financial position and will be used for corporate purposes, both to create growth and to retire debt. The use of these funds will depend upon working capital discussions currently ongoing with other entities.
In addition, the Company is reporting the return of a portion of the shares issued in conjunction with the recent Monaker settlement. Following that agreement in December 2017, Verus CEO Anshu Bhatnagar requested indemnification on behalf of RBIZ shareholders in the form of 50% of the 8,326,630 RBIZ shares awarded to NestBuilder by Monaker. In conjunction with today’s announcement, NestBuilder has agreed with that request and has returned 4,163,315 shares of common stock to RealBiz.
These actions signify a final resolution and end to all existing litigation, share disputes, and other disagreements between Monaker Group, NestBuilder, RealBiz and related parties. As a reminder, current RealBiz shareholders of common stock will receive an equivalent number of shares in NestBuilder following the upcoming spin-off, which is in final review with the SEC.
“This marks a major milestone in becoming a fully-independent company as Verus Foods,” commented Verus CEO Anshu Bhatnagar. “We have operated under the cloud and expense of the RBIZ legacy lawsuits during our entire time as a public food company, so to have those layers of litigation finally end goes beyond a sense of relief. Coupled with this influx of funding, we now have the chance to manage both our growth and debt on our own terms. The events of the last year were not something we expected at our starting point in January of 2017, and we have some remaining challenges to overcome, but our vision to create a global food business remains the same.”
With all litigation and share-count issues now settled, the remaining scheduled corporate actions include a spin-off timetable (dependent on the SEC), followed by a name and symbol change.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. consists of 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
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