Verus International Adds Second Distributor for New Hemp-Based Waffles Line

Rhea-AI Summary

Verus International (OTC Pink: VRUS) has signed a second distributor for its hemp-based Waffles product line, initiating a 100-store pilot in Orlando, Florida, with plans for expansion into over 1,000 stores. The initial offerings include gummi and cartridge products in four flavors. Following positive results from a recent industry event, Verus will showcase at the CHAMPS Show in Las Vegas from July 27-30, 2021. CEO Andy Dhruv emphasized the shift towards higher-margin domestic revenue, moving away from the international food business that previously dominated its revenue streams.

Positive

• Signed a second distributor for the new hemp-based Waffles product line.
• Launching a 100-store pilot in Orlando, with potential expansion to over 1,000 stores.
• Initial products include high-margin offerings in gummi and cartridge form.
• Positive reception at the Orlando industry event could enhance future sales.
• Plans to increase sales efforts and showcase at the CHAMPS Show in Las Vegas.

Negative

• None.

Gaithersburg, MD, April 22, 2021 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTC Pink: VRUS) is pleased to report that it has signed a second distributor for its new hemp-based Waffles product line. The new distributor will begin with a 100-store pilot in the Orlando, Florida market, with the potential to expand into 1,000 plus stores in multiple states. Initial products consist of 2 SKUs in gummi and cartridge form featuring 4 flavors, and will be sold in gas station, convenience store and smoke shop locations.

Based on the positive results from its recent Orlando, Florida industry event, the Company plans to host its own booth at the upcoming CHAMPS Show in Las Vegas (July 27^th-30^th) and will begin to increase its sales efforts to support the new line.

“We have spent the last few months in a restructuring mode, concentrating mostly on rationalizing costs, so we are pleased to be finally getting back to creating growth,” explained Verus CEO Andy Dhruv. “In the past, nearly all of the Company’s revenue has come from the lower margin international food business, so developing sources of domestic, high margin revenue continues to be a priority. We believe the Waffles line has the potential to attract additional distribution partners, so we are anxious to see the results of this new pilot market.”

In addition to today’s announcement, the Company plans to provide a more detailed CEO update, which will be posted on the Verus International website in the next week. The update will explain the Company’s goals and strategy for 2021, and answer selected questions from investors.

About Verus International

Verus is an 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 (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 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

FAQ

What is the new product line launched by Verus International?

Verus International has launched a new hemp-based Waffles product line.

When will the CHAMPS Show take place where Verus will participate?

The CHAMPS Show will take place from July 27 to July 30, 2021.

What market is Verus targeting with its new Waffles product line?

Verus is initially targeting the Orlando, Florida market with a pilot in 100 stores.

What is the significance of the new distributor for Verus?

The new distributor is key for expanding the Waffles product line into over 1,000 stores.

How has Verus International changed its business strategy?

Verus is focusing on developing domestic, high-margin revenue sources after restructuring.