Company Books Additional 31 Franchise Commitments for $1.7 million in Deferred Revenues Among Other Highlights
SAN DIEGO, CA, Feb. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Starting with January 2019, Generation Next (OTCQB: VEND) will be providing monthly reports on operations. For the most recent month, the Company:
- Booked 31 new Reis & Irvy’s franchise commitments worth $1.7 million in deferred revenue (averaging $53,000 per robot)
- Inked a $1.9 million Master Franchise Agreement in Augusta, Georgia
- Installed 18 robots for monthly revenue of $684,000 using a $38,000 average revenue recognized per robot
- Secured 45 new location accounts bringing total locations waiting robot installation to 250
- Served 45,491 cups of Dannon YoCream frozen yogurt generating $215,545 in revenue for Reis & Irvy’s franchisees
- On January 8th, the Company announced the launch of 19 Degrees Corporate Service LLC (19 Degrees) to provide Reis & Irvy’s robots to locations outside of existing franchise territories. Since the announcement, the Company:
- Sold 35 units of 19 Degrees which resulted in the Company collecting $708,400 of investment to be used for the purchase and installation of robots.
- Allocated 74 of the 250 open locations to 19 Degrees Corporate Service LLC
“I am pleased to begin sharing monthly results with our shareholders and franchisees beginning with January 2019,” said Nick Yates, CEO of Generation Next Franchise Brands. “This year it is important to me to be transparent with the results we accomplish, opportunities we pursue, and the challenges we face as we continue to bring this revolutionary new technology to market.”
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.
About 19 Degrees Corporate Service, LLC
19 Degrees Corporate Service, LLC is a Company-managed portfolio that will consist of Reis & Irvy’s kiosks situated at high-value locations in markets where Reis & Irvy’s does not have independent franchisees. Members of 19 Degrees Corporate Service, LLC generally will not participate in the operations of the LLC. Routine stockings, service, and cleaning of the robotic kiosks will be performed by trusted independent service providers under contract with the Company and its subsidiary. Any net cash proceeds from the kiosks will be distributed to the members on a quarterly basis, providing an opportunity for passive income. Member ownership units in the LLC will be issued under the registration exemption Rule 506(c) of Regulation D of the Securities Act of 1933 and will be available only to accredited investors. Interested accredited investors who qualify can contact our CEO Nick Yates at nick@gennextbrands.com for more information.
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.
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