Gaithersburg, MD, May 31, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTC:VRUS) is pleased to announce that it has received a strategic investment from ARJ Consulting, LLC and lead investor Andrew Garnock. The transaction involved the sale of 41,666,666 shares of common stock at a purchase price of $0.012 per share for aggregate gross proceeds of $500,000. The price was determined at a slight premium to the market at the time that the agreement was signed. Details of the investment will be included in the 8-K filed in conjunction with this transaction.
“This additional vote of confidence in our strategy could not come at a better time, as we begin to ramp up our new business,” said Verus CEO Anshu Bhatnagar. “To find a lead investor who shares our long-term vision of the future is gratifying. We look on our business as a multi-year growth story, so this latest investment shows Andrew Garnock’s commitment to that vision.”
The funds will help ramp up the new Big League Foods Division shipment schedule to take advantage of the summer and baseball seasons.
“We intend to roll out the MLB-branded products by metro team markets, so funding is a key to accelerate that process,” explained Bhatnagar. “Because these products already have such well recognized team brands on the labels, we do not have the kind of promotional spending that typically accompanies a new product launch. So, more of our working capital can go toward production and sales. Additional capital such as this can have a tremendous multiplier effect on our high margin business.”
Interested investors are encouraged to monitor ongoing product announcements via the official Twitter feed @Verus_Foods.
About Verus International, Inc.
Verus International operates an international food subsidiary (Verus Foods) that sells branded consumer products to customers worldwide. 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 and can access company information at www.verusfoods.com.
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 to 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:
MKR Group Inc.
Todd Kehrli or Mark Forney
vrus@mkr-group.com