RealBiz Media Group, Inc. (OTCQB: RBIZ) is a multi-sector business that operates within the digital media and marketing space and the international food distribution business. The company saw shares dive 22.50%, during early trading on Friday, December 30, 2016. Over the past three months, RealBiz Media Group, Inc., has seen average daily volume of 234,803 shares. However, over 2.2 million shares or dollar volume of $132,000, has already exchanged hands today.
Shares of RealBiz Media Group, Inc. are facing pressure on Friday, after the company announced it had been awarded a $78 million beef distribution contract. Under the contract, the food distribution business will supply beef to the Gulf Cooperation Council, which is made up of the United Arab Emirates, Saudi Arabia, Oman, Qatar, Bahrain, and Kuwait. The contract marks the first major deal for the newly created international food distribution business. Here is the full press release detailing of the contract:
RealBiz Media Group, Inc. Press Release:
NEW YORK, NY–(Marketwired – Dec 29, 2016) – RealBiz Media Group, Inc. ( OTCQB : RBIZ ), announced today that it has been awarded a contract to supply beef to the Gulf Cooperation Council (GCC) countries, which includes the United Arab Emirates, Oman, Bahrain, Qatar, Kingdom of Saudi Arabia and Kuwait. Valued at over $78,000,000, the contract is the first for RealBiz’s newly launched international food distribution business. During the next several months, the company plans to communicate ongoing details about this new business segment and its high growth potential in a multi-billion-dollar industry segment.
Mr. Anshu Bhatnagar, who is scheduled to become RealBiz’s Chief Executive on January 2, 2017 made the announcement after completing negotiations in Dubai, UAE. The contract is anticipated to be fulfilled throughout 2017.
“We are planning on first shipments to commence on January 5th, 2017 with a container ready to go,” said Mr. Bhatnagar. “I see tremendous opportunity on the horizon for our global food operations, particularly within the GCC countries. Our relationships are strong in the region and I anticipate a very favorable business climate for our products,” added Mr. Bhatnagar.
The company will focus on international distribution of fruits, nuts, honey and meats. Mr. Bhatnagar’s wealth of experience in distributing and manufacturing in the Middle East and GCC countries uniquely positions RealBiz for success.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. is a real estate digital media and technology company whose proprietary video processing technology makes it one of the leaders in providing home video tours to the real estate industry. Its client base reaches more than 350,000 real estate agents and brokers. The company provides a series of products, including a consumer portal at http://www.nestbuilder.com, an agent-only platform known as Nestbuilder Agent, an agent social media and marketing solution known as ReachFactor, a growing microvideo app network, virtual tours and mobile apps. The company enjoys access to many of the nation’s largest real estate companies with numerous approved vendors and national contracts.