VERUS INTERNATIONAL ACQUIRES UAE-BASED FRENCH FRY OPERATION
VERUS INTL INC (VRUS)
Company Research
Source: GlobeNewswire
Gaithersburg, MD, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTCQB:VRUS) is pleased to announce that it has entered into an Asset Purchase Agreement to acquire the french fry operations (the “Acquired Assets”) of an established supplier operating in the Middle East. The consideration to be paid for the Acquired Assets will be equivalent to 2,000,000 United Arab Emirates Dirham ($544,477 USD) in cash, plus assumption of certain liabilities. The consummation of the acquisition is subject to customary closing conditions and is expected to close on or about September 6, 2019. The Company expects the acquisition will begin contributing to revenue within 30 days through existing sales relationships and believes this acquisition will give it an established presence in an important frozen food category in its existing hotel, restaurant and similar markets. The french fries will be sold as branded products. “This is not one of our previousl
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