Orlando, FL, June 01, 2022 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTC Pink: VRUS), a food and hemp-based products company, is pleased to announce that it has entered into a joint venture (JV) with Flörd, a maker of premium rare cannabinoids. Under the terms of the JV, Verus will gain exclusive distribution rights and will be a 50% partner in the sale of Flörd products in the United States. The current plan is to roll out various Flörd cannabinoid-based SKUs over the next several months, with a goal to reach $3 million in sales by year end.
“I am excited to team with Flörd to bring revenue growth back to Verus,” explained Verus CEO Andy Dhruv. “The timing of this launch could not be better, as the rules governing these classes of products were recently relaxed, creating considerable excitement among retailers in this space. This is a true JV in the sense that both companies will bring their core strengths to the business – with Flörd providing the finished products and Verus managing distribution. Most importantly, we are coming to market with high margin, high demand SKUs at the right time to benefit from improved market trends.”
“Teaming with Verus gives us instant access to a large number of locations and regions, fast tracking our products onto store shelves to take advantage of high demand,” said Flörd CEO Ray White. “This partnership will give us the ability to reach scale far faster than we could have done on our own, so we are looking forward to working with Andy and his team as we introduce our product lines into the market.”
Corporate Update from Verus CEO Andy Dhruv
“It has been almost a year since my last corporate update, so I am guessing that today’s press release is a major surprise. When I took over Verus, I did so with eyes wide open, measuring the challenges I inherited against the potential business I knew I could bring as part of my turnaround strategy. Reality has a way of changing the best laid plans, so the optimism I expressed in my last corporate update did not translate into corporate actions on the timeline I first envisioned. After a great deal of hard work, we are finally ready to pursue some important new strategies to grow the business.”
“Today’s press release unveils the first step in a new direction for Verus. This is not a restart in the traditional sense, but a substantive change in the strategic model. We are going to utilize our #1 strength – our distribution network -- to create partnerships where our partners assume greater responsibility for the kind of capital-intensive business functions that previously derailed Verus in its pursuit of end-to-end product development. Instead, we will concentrate on the distribution of high margin, market-ready products where the margins leave plenty of room for both members of the JV – and we will run a very lean operation that gives us the ability to return to profitability earlier in the sales cycle. It is important to note that this is not a low-margin distribution model, but should be considered a hybrid-distribution strategy where we participate in JV returns as an equal partner. That will take some time to develop, but it does give the company a fighting chance to rebuild shareholder value, which was always my goal from the beginning.”
“We can offer CPG companies a fast path to thousands of store shelves, so I welcome enquiries from any product company looking to launch into a wider retailer network. Our JV with Flörd will be the blueprint for our strategy – and we are optimistic that we can grow this to a viable size before year end. Today’s announcement is more than just a corporate agreement – it is the official restart of Verus as an operating business. I look forward to providing periodic updates on our progress and I am excited to team with Flörd on what we think will be a very successful launch.”
About Verus International
Verus is multi-line consumer packaged goods (CPG) company involved in the distribution of branded product lines in the U.S. The Company trades on the OTC market (OTC Pink: 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 for the JV partner Flörd at www.flord.shop.
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
