RealBiz Media Group (Verus Foods) Reports Q1 Fiscal 2017 Results, Commences Shipments on Initial Beef Order

NEW YORK, NY--(Marketwired - Mar 22, 2017) - RealBiz Media Group, Inc. (OTCQB: RBIZ) announced today its financial results for its first quarter of fiscal 2017, ended January 31, 2017. As previously communicated, this represents the last quarter of the legacy RealBiz real estate operations and does not yet reflect the impact of the transition to Verus Foods. Because the first quarter reflects no Verus Foods' operations, management has elected not to hold a conference call in conjunction with this release. The company intends to restart its quarterly conference call schedule when it announces its Q2 Fiscal 2017 results. Investors should consult the 10-Q filed today with the SEC for details regarding these legacy RealBiz Q1 Fiscal 2017 financial results.

"This quarter is primarily a historical record, because our involvement in the business only began on January 2, 2017 and our first shipment did not go out until after the quarter end," said Anshu Bhatnagar, CEO of RealBiz/Verus. "So, the next quarter, Q2 2017, will mark the real beginning of the Company in its new form as Verus Foods."

In terms of the Verus business, the Company is pleased to provide the following update:

• The first two qualifying buffalo shipments were approved by customers and production shipments have begun on the previously announced $78 million order.
• Following the first two deliveries, the Company has ordered an additional six containers and has begun to scale into its production quantities on this annualized contract.
• In early March in Dubai, Verus attended GulFood (the world's largest food show) introducing itself for the first time as a public company to key customers and suppliers.
• Verus is in active discussions with customers in its other food categories, particularly poultry, seafood, French fries and frozen vegetables.
• The company is also in talks to sign exclusive distribution agreements with multiple buffalo suppliers in the region.

In addition to these Verus operating metrics, the Company is aggressively working to complete the last few legacy transitional requirements concerning the RealBiz real estate technology operations. Key action items include: