Generation NEXT Franchise Brands Completes August 2017 With a Further $1,233,000 in Bookings Representing Seven Newly Appointed Reis & Irvy's Franchisees
A total of 188 Reis & Irvy's franchisees have been appointed representing 792 future robot installs
SAN DIEGO, CA - (Marketwired - Sep 26, 2017) - Generation NEXT Franchise Brands (OTCQB: VEND), whose Reis & Irvy's frozen yogurt robots launched in April of 2016, completed August of fiscal 2018, with bookings aggregating approximately $1.2 million.
Other notable items are as follows:
- Reis & Irvy's total franchise network aggregates 188 franchises;
- Reis & Irvy's frozen yogurt robots aggregate 792 units;
- Notable locations secured include: Michigan Science Center, McCarran Airport, Jeff Gordon Children's Hospital, FedEx Corporate Headquarters, Nissan Assembly Plant, Thomas & Mack Center at the University of Nevada, Las Vegas, The Florida Panthers Ice Den, Akron Metro Transit Center, Sky Zone Trampoline Park, Stony Brook University Hospital, Science Central, Doctors Hospital of Sarasota, Colombia Mall, Market Place Shopping Center, USPS Michigan Metroplex P&SC, Children's Hospital of Philadelphia, Saint Joseph's University, University of Pennsylvania, Drive Nation Sports, Mockingbird Valley Indoor Soccer Club and the Austin Convention Center.
- The company raised proceeds totaling $889,000 in the form of an equity offering;
- We repaid $161,250 in debt principal during August 2017;
- The company completed August 2017 with $2.1 million in available cash;
- We selected Flex (www.flex.com) as our exclusive contract manufacturer and now have a production schedule that allows for 1,000 units to be manufactured for installation by June 30, 2018. Flex designs and builds intelligent products for the connected world. With annual revenues of $24 billion and over 200,000 professionals across 30 countries, Flex provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes and industries;
- Our prototype unit developed by Lancer Corporation (https://www.lancercorp.com) underwent and has now completed the Underwriters Laboratories (UL) http://www.ul.com/ design review phase which means all that is left is the safety testing, of which we are extremely confident;
- We will be reviewing the design of the prototype with NSF http://www.nsf.org/ on September 28th and 29th to ensure all previous recommendations have been integrated into the new design. We will then send this prototype to NSF in Columbus Ohio for food safety testing and in-place cleaning method testing;
- We have developed a "burn-in-test" that will ensure all units are performance tested prior to shipment;
- Our Froyo Robot machines have been through rigorous performance testing over the last 30 days and have performed extremely well in various humidity and ambient temperature routines;
- On August 9, we announced an $875,000 Licensing Agreement within the Nation of Oman. This is the second international license agreement signed in two months, the other being for the exclusive rights to Israel, which was sold for $3,637,500;
"We are extremely pleased with the results of our development process with Lancer Corporation and look forward to delivering our first beta units manufactured by Flex in November," stated Nicholas Yates, Chairman and Founder. "We are currently putting our units through extensive performance testing that includes exceeded weight limits on our robotic arm, humidity and ambient temperature testing on our Froyo Robot and a burn-in test on the completed unit. Our unit has also completed the design review with UL, which allows us to move to the next phase being final testing as well as validating all the modifications and upgrades integrated over the last twelve months. The same applies to testing with NSF and marks the completion of development allowing our manufacturing processes to begin. We are also very pleased with our efforts to raise a total of approximately $4,000,000 for the company in the form of equity."
For more information on the revolutionary Froyo Robots or to learn more about how you can own your own Reis & Irvy's Froyo Robot franchise, visit the Reis & Irvy's website at reisandirvys.com. To learn more about Generation NEXT Franchise Brands or their family of brands, including Reis & Irvy's, Fresh Healthy Vending or 19 Degrees, please visit www.gennextbrands.com or call toll free 888-902-7558.
This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. No Reis & Irvy's franchises will be sold to any resident of any state until the offering has been exempted from the requirements of, or duly registered in and declared effective by, such state and the required FDD (if any) has been delivered to the prospective franchisee before the sale in compliance with applicable law. Currently, the following states in the United States regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you reside in one of these states, or even if you reside elsewhere, you may have certain rights under applicable franchise laws or regulations.
Generation NEXT Franchise Brands
Generation NEXT Franchise Brands, based in San Diego, California, is a publicly traded company on the OTC Markets trading under the symbol: VEND. Generation NEXT Franchise Brands is parent company to Fresh Healthy Vending LLC, the market's leading healthy-choice vending machine franchise, Reis and Irvy's, Inc., the world's first robotic frozen yogurt vending kiosk, 19 Degrees, a corporate-focused frozen yogurt robot brand and Generation NEXT Vending Robots, our newly established owner/operator model. The Company has sold over 500 franchises throughout the United States, Canada, Puerto Rico and the Bahamas, and continually looks to partner with like-minded entrepreneurs who share its vision.
Cautionary note on forward-looking statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning our future financial performance, including statements regarding our manufacturer's ability to maintain the production schedule for our Froyo Robots s. The Company bases these forward-looking statements on its current expectations, estimates and projections about future events and the industry in which it operates using information currently available to it. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as "believe," "anticipate," "propose," "expect," "intend," "plan," "will," "may," "estimates," variations of such words and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Factors that could cause actual results to differ from those implied by the forward-looking statements contained in this press release are set forth in our fillings with the Securities and Exchange Commission (SEC), including our most recent Annual Report on Form 10-K for the year ended June 30, 2016, our subsequent Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated and the Company is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Generation NEXT Franchise Brands
SOURCE Generation NEXT Franchise Brands
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