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RealBiz Announces Reduction of $1.1 Million in Debt, Hires CFO

Improvement to Balance Sheet Positions Company for Growth

/EINPresswire.com/ -- NEW YORK, NY--(Marketwired - Jan 10, 2017) - RealBiz Media Group, Inc. (OTCQB: RBIZ) announced today that, as of December 31, 2016, the holders of $1,105,000 of convertible notes payable agreed to convert their notes into the Company's common shares. Details of this transaction can be found in our January 2, 2017 8-K filing. This agreement makes RealBiz debt free and positions the Company to grow significantly through expansion of its international frozen food business.

"We thought it was important for shareholders in our new enterprise to get a fresh start, without debt or other encumbrances," explained new CEO Anshu Bhatnagar. "Investors have a unique opportunity to join us in our growth literally at the beginning of this journey. We look forward to future updates where we will outline our strategy for 2017 and give shareholders a better understanding of the opportunities in front of us."

In addition, on January 9, 2017, the Company named Mark B. Lucky as its acting Chief Financial Officer (CFO). Mr. Lucky is a certified public accountant and has more than 15 years of experience serving as a public company CFO. His professional background includes working with start-ups, developmental stage and mature companies across multiple industries. Recently, he served as a consultant to RealBiz, NuState Energy Holdings, Inc., Intelligent Living America, Inc., and Ronn Motor Group, Inc., and was CFO for IceWeb Inc. (OTCBB: IWEB) from March 2007 to May 2014.

During his career, he was also employed at Axys Pharmaceuticals, Inc., The Walt Disney Company, PriceWaterhouseCoopers, LLC, and KPMG.

"We are very excited to have Mark Lucky join our team," explained Mr. Bhatnagar. "He will not only help us complete a smooth transition from RealBiz into our new international food entity, but he also brings with him more than a decade of experience managing the financial requirements of public companies. His experience covers the spectrum from start-ups to industry giants like Disney, an important skill set as our company grows in scale."

About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. operates two business segments: an international food division that sells products to customers worldwide; and a real estate digital media and technology company. RealBiz Media Group, Inc. (OTCQB: RBIZ) trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.

Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contacts
Investor Contact:
MKR Group Inc.
Todd Kehrli or Mark Forney
rbiz@mkr-group.com