August 6, 2015: RealBiz Media Group Inc.
(OTCQB: RBIZ) announced today the Board has appointed Don Monaco as the Chairman and Alex Aliksanyan
as the CEO replacing William Kerby.
As our new CEO, Alex Aliksanyan had identified, a noticeable trend over the last 18 months was where the sales team would bring in multiple projects that all required significant upfront technology expenditures by the company prior to implementation.
With constant requests for more customization from our development team, management concluded that several of the projects would take years to payback and as such needed to be discontinued.
While turning away business is never easy, realistically unprofitable contracts were resulting in insufficient revenues to cover expenses and were only serving to significantly deplete the company's cash reserves.
After careful evaluation, management determined that the sales team practices of gifting technology to obtain contracts were not in the best long term interest of the company.
As a result, the company parted ways with both unprofitable contracts and the legacy sales force.
is in the final stages of bringing into the company a highly experienced VP of sales and supporting team to accelerate sales.