Verus Sells Out First Flörd Production Run; Adds Ten States to Sales Footprint

Rhea-AI Summary

Verus International (OTC Pink: VRUS) reported strong performance following the CHAMPS Trade Show in Las Vegas, where it sold out its initial production run of Flörd products. The company has expanded its market reach by adding ten new states, including California and Texas. Verus plans to double its next production run to meet growing demand and has implemented a strategy to minimize inventory while increasing customer base. The positive reception at the trade show positions Verus favorably for future sales growth.

Positive

• Sold out first production run of Flörd products, indicating strong demand.
• Expanded customer base by adding ten new markets including states such as California and Texas.
• Plans to double the next production run to match increasing sales.
• Implemented a capital-friendly strategy ensuring minimal inventory and fast turnover.

Negative

• None.

Orlando, FL, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTC Pink: VRUS), a food and hemp-based products company, is providing the following update after the Company’s successful attendance at the July 26-28 CHAMPS Trade Show in Las Vegas. Orders at the show were robust, enabling Verus to sell out its first production run of Flörd products. The Company also added customers in ten new markets -- California, Texas, New Mexico, Nevada, Tennessee, Georgia, North Carolina, Illinois, New Jersey and New York. Previously, Verus announced distribution agreements in Florida featuring products from its joint venture (JV) with Flörd, which is a maker of premium rare cannabinoids.

Based on order flow to date, Verus plans to double its next Flörd production run, with a goal to materially increase the size of each subsequent order cycle to match the growing sales footprint.

“The response to the Flörd line at the CHAMPS show was outstanding, enabling us to accelerate our manufacturing schedule to fulfill increased demand,” said Verus CEO Andy Dhruv. “Our first production run was just a fraction of what we think we can do as we scale this product line, so this second run will be materially larger. We are right on schedule with a stair-step approach under which we are building a customer base concurrent with production increases, giving us fast turnover and minimal inventory. This capital-friendly strategy should enable us to really scale this product line through the remainder of the year and beyond.”

“The first customer for any product is the store buyer, so seeing this kind of response at an industry trade show is encouraging,” added Flörd CEO Ray White. “We are in a favorable position where we have the capacity and resources to significantly expand our business as we layer on sales. As a result, signing new customers will remain the primary focus.”

About Verus International

Verus is multi-line consumer packaged goods (CPG) company involved in the distribution of branded product lines in the U.S. 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 for the JV partner Flörd at www.flord.shop.

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:
ir@verusfoods.com

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