Generation Next Announces Interim Agreement with New Kiosk Manufacturing Partner
SAN DIEGO, CA - Feb. 06, 2019 // GLOBE NEWSWIRE // - via NEWMEDIAWIRE - Generation Next (OTCQB: VEND) announced today that it has reached an interim agreement with Wisconsin-based Stoelting Foodservice (a division of the Vollrath Company, LLC) in which Stoelting will provide manufacturing and engineering services for the Reis & Irvy’s premium soft serve robotic vending technology.
The Reis & Irvy’s automated vending kiosks deliver customers up to six different flavors of frozen yogurt and/or ice cream with a selection of six custom toppings, all at the point of sale and within 60 seconds. The patented technology is currently installed in over 170 US locations with 20 kiosks now in Canada and Australia.
Highlights of the agreement with Stoelting Foodservice include:
- All customized soft serve units will be manufactured in the United States.
- All customized soft serve units will come with a 5-year parts warranty, as well as 2-year field warranty that includes on-site labor.
- All Froyo Robots will feature a 12-gallon hopper unit, allowing for 200+ servings.
- All units will be shipped to franchisees stamped by the National Sanitation Foundation (NSF), the Underwriters Laboratories (UL), and the National Automated Merchandising Association (NAMA).
- Stoelting will also outfit Reis & Irvy’s operators with Hydra Rinse, which uses proprietary technology to standardize the cleaning and sanitizing process. The Hydra Rinse system decreases water consumption by 50%, is environmentally friendly, and significantly reduces cleaning time.
On execution of a Master Services Agreement, Stoelting will begin the production of robotic soft serve vending kiosks for Generation Next. The Company expects Stoelting production to supplement output from Flex Ltd., its current contract manufacturer, between July and September 2019.
“When it comes to soft serve, Stoelting has been the constant industry leader. In 1939, their engineering team manufactured the first ever soft serve dispenser for the Home-Made Ice Cream Company (eventually becoming Dairy Queen) thus pioneering a new market and captivating consumers throughout the U.S.,” said Nick Yates, Founder and CEO of Generation NEXT Franchise Brands. “Stoelting sees that Reis & Irvy’s has officially become the next captivating evolution in soft serve distribution, and we see a lot of long-term value in this partnership. Stoelting has been an incredible partner for our company during the development phase of our Reis & Irvy’s robots. I have a growing admiration for their engineering and manufacturing talents and am excited to be integrated further with them.”
Stoelting Foodservice, a global manufacturer of frozen dessert equipment, shares in the excitement; “This partnership enhances the already developed technology of the Reis & Irvy's Froyo Vending Robot so that full-scale production of the finished design can begin during the third quarter of 2019,” said Rich Koehl, Executive Vice President, for Stoelting Foodservice. “We recognize that dependable and reliable soft serve equipment is an essential element to this project, and we are excited to now play a larger part of the entire kiosk as engineering and manufacturer partners not just a third-party supplier for soft serve technology.”
Stoelting has played a leading role in helping Generation Next correct defects in the first kiosks shipped by Flex. The Company and Flex have initiated a pause in manufacturing to allow time to properly implement these solutions. During the pause, the Company began retrofitting and repairing existing kiosks. These improvements have resulted in consistently better performance of installed kiosks and growing weekly sales of frozen yogurt. Flex has resumed production at its plant in Columbia South Carolina. The addition of Stoelting will increase the Company’s production, thereby benefiting overall installations of Reis & Irvy’s robots through the end of 2019. As the terms of the agreement with Stoelting are defined, the Company will be able to provide more specific estimates of production and installations.
“We have been eager to advance the Reis & Irvy’s technology into consistent mass production. It has been a series of starts and stops with our first release through Flex but with help from key partners like Stoelting, we are ready bring an upgraded version to market based on what we learned from the initial Flex units”, said Vice President of Operations, Nik Wright. Yates supported Wright’s statement by saying, “We are seeing the results of these improvements through the growing daily sales from kiosks we have upgraded in the field or that have been manufactured by Flex with the latest set of improvements. These improvements will benefit our operators, the locations featuring Reis & Irvy’s, and most importantly the end customer.”
For more information, visit the Reis & Irvy’s website at www.reisandirvys.com or call toll-free (888) 902-7558.
Generation NEXT Website: www.gennextbrands.com
About Generation NEXT Franchise Brands, Inc.
Generation NEXT Franchise Brands, Inc., based in San Diego, California, is a publicly traded company on the OTC Markets trading under the symbol OTCBB: VEND. Generation NEXT Franchise Brands, Inc. is parent company to Reis and Irvy’s Inc and 19 Degrees Corporate Service LLC
About Reis & Irvy’s, Inc.
Reis & Irvy’s, Inc. is a subsidiary franchise concept of Generation NEXT Franchise Brands, Inc. (VEND). Launched in early 2016, the revolutionary Reis & Irvy’s Vending Robot serves seven different flavors of frozen yogurt, ice cream, sorbets and gelatos, a choice of up to six custom toppings and to customers within 60 seconds or less at the point of sale. The unique franchise opportunity has since established itself as a high-demand product and currently showcases a franchise network both domestically as well as internationally.
Stoelting Foodservice, a division of The Vollrath Company, LLC, is an industry leader in frozen dessert equipment, offering a broad and premium line of soft serve, frozen custard, batch and frozen beverage dispensing machines that support a wide range of foodservice venues. For more information about Stoelting, its products, facilities in the US, Europe and Mexico, and the foodservice industries it serves, visit stoeltingfoodservice.com.
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.
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 ability to generate revenue and recognize deferred revenue; our ability to timely launch delivery and installation of our frozen yogurt robots; and our ability to grow our franchising and licensing divisions and launch our corporate-owned and direct sales platforms. 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 filings with the Securities and Exchange Commission (SEC), including our most recent Annual Report on Form 10-K for the year ended June 30, 2018, our Quarterly Reports, 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.
SOURCE Generation NEXT Franchise Brands, Inc.