Agreement Includes Initial Purchase of 20 Robotic Vending Kiosks and Commitments to Buy an Additional 24 Units
SAN DIEGO, CA, May 28, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Generation NEXT Franchise Brands, Inc. (OTCQB: VEND), announced today that its flagship subsidiary, Reis & Irvy’s, has signed an exclusive franchise agreement for the robot-staffed frozen yogurt and ice cream chain in Columbia, South Carolina. The $2 million, exclusive territory contract includes the upfront purchase of 20 kiosks, with contract commitments to purchase an additional 24 kiosks over the next five years.
Reis & Irvy’s is the world's first fully-automated robotic frozen dessert vending kiosk designed to disrupt brick-and-mortar competitors. The kiosk’s unattended robots eliminate the need for costly rent and labor, significantly reduce food safety concerns and are capable of operating 24-hours a day. The signature robots can dispense servings of frozen yogurt, ice cream, gelato and sorbet finished with a selection of six delicious toppings in less than 60 seconds.
Columbia is the capital and second largest city in South Carolina, a state which continues to set tourism records year-after-year. The city is home to the University of South Carolina, the state's flagship university and the largest in the state, with more than 34,000 students. Columbia is also the site of Fort Jackson, the largest United States Army installation for Basic Combat Training. It is also home to the South Carolina State House, the Riverbanks Zoo & Garden, and the Columbia Museum of Art. The South Carolina Department of Parks, Recreation and Tourism’s latest numbers show tourism contributing $22.6 billion in revenue, which continued to increase for the seventh consecutive year.
“Columbia is known for being ‘famously hot,’ and we look forward to helping residents beat the heat this summer – and beyond,” said Nick Yates, Chairman of Generation NEXT Franchise Brands. “The heat, coupled with popular football, basketball football and soccer stadiums, make this a market we’re especially excited to enter.”
To date, Reis & Irvy’s franchisees have sold more than 400,000 cups of frozen yogurt, generating over $2 million in retail sales for its franchise network.
For more information about Reis & Irvy’s, please visit www.reisandirvys.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., 19 Degrees Corporate Service LLC and Print Mates. To learn more, please visit: www.gennextbrands.com
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. To learn more, please visit: www.reisandirvys.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.