(NEW YORK)–RealBiz Media Group, Inc. (OTCMKTS:RBIZ), currently operating as Verus Foods, saw its stock rise into the July 4th holidays on strong revenue growth, and record date for the spin-off of their real estate division.
RBIZ has been the buzz with traders since mid June on company news of stronger revenue growth from their Verus Food operations, and spin-off of their real estate division.
Strong Revenue Growth
For the first six months of fiscal 2018, Verus revenue totaled $2,234,444, a 102% increase over the $985,068 reported in the first half of fiscal 2017. For the comparable six-month periods, Total Operating Expenses showed a 22% improvement at $991,645 in the first half of fiscal 2018 vs. $1,275,738 in fiscal 2017.
The Company formally announced its first two product line extensions: a Japanese-style vitamin C drink called Shin C and a refreshing Coconut Water beverage under the Jujurbrand name.
NestBuilder Spin Off
In addition to these strong numbers, the Company also announced record date for the spin-off of their NestBuilder Real Estate Division. Shareholders of record as of July 2, 2018 will now be eligible to receive shares in NestBuilder, with the distribution date on July 12, 2018 (pending FINRA approval). In addition, the new conversion ratio will be 900 RBIZ shares for each (1) share of NestBuilder.
Subsequent to the spin-off, RealBiz will file with the SEC for a name change to “Verus Foods, Inc.” along with a new ticker symbol to be announced.
According to OTC Markets, RBIZ had around 790 million shares issued and outstanding as of June 18, 2018,
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. (OTC: RBIZ) trades on the OTC. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com
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