Verus International Names New CEO and Provides Operational Update
Verus International has announced a strategic repositioning following the promotion of Andy Dhruv as CEO, previously the President of Verus Foods (Americas). This change aims to narrow the company's focus on CBD products in the U.S. and traditional food lines internationally. The company plans to reduce costs by downsizing office space and outsourcing services. The delayed filing of the 10-K for fiscal year 2020, ending October 31, 2020, will be addressed soon, alongside a detailed operational update.
- Appointment of Andy Dhruv as CEO brings expertise in CBD and retail sectors.
- Streamlined focus on CBD and traditional foods may enhance operational efficiency.
- Expected cost cutting measures could improve financial health.
- Delayed filing of the 10-K could raise concerns regarding financial transparency.
- Changes in leadership may lead to potential continuity issues in corporate strategy.
Gaithersburg, MD, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTC Pink: VRUS) is providing this interim operational update in advance of filing its fiscal year 2020 annual results, which have been slightly delayed due to recent corporate changes. The Company expects to file its Form 10-K for the fiscal year end October 31, 2020 in the near future and will issue a full operational update at that time.
As part of an ongoing corporate repositioning, Verus is pleased to announce that it has promoted Andy Dhruv from his role as President of Verus Foods (Americas) to CEO of Verus International. Mr. Dhruv is an entrepreneur with deep roots in consumer and wholesale operations, with expertise in building national distribution networks. In addition to more than 15 years in the consumer products space at the retail level, Mr. Dhruv has also been instrumental in helping to develop the Pachyderm Labs (“Pachyderm”) CBD line. Former CEO Anshu Bhatnagar will retain his role as Chairman and will continue to be active in certain aspects of corporate governance and operations.
The naming of a new CEO, along with recent exits from the nut butter and candy manufacturing businesses, are part of a major repositioning for Verus. The goal is to more narrowly refocus the Company into CBD lines in the U.S. and traditional food lines internationally, creating a simpler structure. The Company is also undertaking additional cost cutting measures, including moving from its current office space to a smaller office in Maryland, outsourcing when possible, and reducing ongoing expenses for professional services. This reorganization is designed to cut personnel and overhead costs as a percentage of revenue, while developing dependable revenue in the international food business and higher margin CBD revenue in the U.S. Verus will continue to utilize its Houston, TX location for its U.S. operations.
“Appointing Andy to the role of CEO at this time reflects the direction that the Company is headed,” said Chairman Anshu Bhatnagar. “Although I will continue to work closely with Verus on many elements of the business, Andy has a strong background in the CBD and retail sectors, which will be a major focus in 2021. Given the nature of our current M&A talks and the challenges I faced running multiple international businesses, elevating Andy’s role is an important step in creating the right team to best support our strategy.”
“I’m excited to take on these new responsibilities at Verus,” said CEO Andy Dhruv. “We are working hard to reposition the Company, partly by overcoming some of the challenges of the past, but also by creating new sources of sustainable, profitable growth. I look forward to sharing this new plan with shareholders in the future.”
About Verus International
Verus is a global, 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
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