Gaithersburg, MD, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCQB: VRUS) is providing the following corporate update in order to give analysts and investors a description of current business trends and to offer a roadmap for shipments of the Company’s new Pachyderm Labs (“Pachyderm”) cannabidiol (“CBD”) products. As previously reported, Verus recently received sufficient inventory at its Houston, Texas facility to support the first phase of distribution.
The Pachyderm goal for August is to finalize commitments to be in approximately 500 locations by early September, with shipments concentrated in four states – Texas, Florida, Alabama and Georgia. Phase one distribution will target a mix of specialty and small retailer stores that carry CBD products. In terms of product mix, the Company has already developed 32 SKU’s (stock keeping units) and will initially sell a minimum of 9 different SKU’S per location consisting of topicals and edibles. Pachyderm currently has two brands, “Elephant Hemp” and “U-Try CBD,” representing a full line of products in multiple flavor and aroma variations, covering health-enhancing oils, creams, lotions and CBD-infused edibles. Included in this mix are four newly unveiled CBD-infused energy shot flavors, which are expected to become a featured part of the Pachyderm line.
“This is the first phase of a channel filling period under which we have targeted 10,000 or more stores by early 2021,” explained Verus CEO Anshu Bhatnagar. “We will receive sell-through data after we log a couple of months on retail shelves, but we are pleased with our initial feedback from retailers and customers who have seen and sampled our products. When we have enough locations verified as in-stock, we will publish a list of locations so that analysts and investors can try the products and experience the quality of our brands first hand.”
Operational Update
As part of a long-term plan to create a dedicated division focused on consumer health products, Verus is streamlining its operations by combining its Verus Cares division and CBD-products operations under a single Pachyderm Labs subsidiary. As part of this realignment, the Pachyderm team will take over a portion of the sales and development efforts at Verus Cares.
Big League Foods (“BLF”) is seeing a return to a sense of normalcy in its space following major pandemic related shutdowns. The division will update analysts and investors as new retailer initiatives go into effect. Looking to the future, BLF is currently in the planning stage to create packaging and molds for its next professional league introductions. The division’s goal is to have multiple professional sports brands that can overlap seasons, providing BLF a year-round presence on retailers’ shelves. This kind of rotation in seasonal offerings from a single source is highly desirable for retailers, particularly in the impulse aisle at checkout.
The international division is returning to more normal operations, with port and store reopenings in Verus’ markets following the April shut down that disrupted global commerce. Although final results for Q3 are not yet available, the Company anticipates continued open-ended growth potential in the region into 2021 and beyond.
“We have a dependable, growing base in our international division, a new revenue stream from Pachyderm, and a post-pandemic restart for Big League Foods, so Q3 marks a major turnaround quarter at Verus,” explained CEO Bhatnagar. “Our Pachyderm line will really begin to generate revenue in Q4, so we are off to a great start. We will continue to focus our energy on the business segments with the fastest growth rates, under a near-term plan to scale up our current family of products. Based on our forward outlook, we believe that we are on track to remain one of the fastest growth stories in the consumer products sector for the remainder of 2020 and well into 2021.”
About Verus International
Verus is a global, 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 (OTCQB: 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, the Big League Foods subsidiary Twitter feed @BigLeagueFoods 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:
MKR Group Inc.
Todd Kehrli or Mark Forney
vrus@mkr-group.com