NEW YORK, NY -- (Marketwired) -- 08/25/17 -- Verus Foods (the "Company"), currently trading as RealBiz Media Group, Inc. (OTCQB: RBIZ), would like to inform investors that it has prepaid the Convertible Promissory Note entered into with PowerUp Lending Group, Ltd. ("PowerUp") and dated February 21, 2017. Pursuant to the Note, the final date for prepayment was Monday, August 28, 2017.
By prepaying, RealBiz will prevent the conversion of the note millions shares of free-trading stock.
This action is consistent with the Company's intention to replace all of its early, less favorable debt with new sources of funds that will have superior terms and conditions. Furthermore, this prepayment follows the Company's stated goal to minimize sources of dilution during the important early stages of its growth cycle.
"All of our early funding choices were out of necessity, due to the unexpected delay in our reverse split caused by the ongoing legacy lawsuit," explained Anshu Bhatnagar, CEO of Verus Foods. "We are working diligently to sign new sources of funds that better reflect our future potential. Our goal is to layer on our funding in a stair-step manner that helps us continue to grow, so that each successive funding will be better than the last. The capital markets reward scale and size, so this prepayment is the first step in our strategy to properly capitalize our growth in a way that best serves our shareholders."
Investors seeking additional information and reference the upcoming 8K filing.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. operates 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
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contacts
Investor Contact:
MKR Group Inc.
Todd Kehrli or Mark Forney
rbiz@mkr-group.com
