The Agreement Includes the Purchase of 16 Robotic Vending Kiosks Upfront with Commitments to Buy an Additional 59 Units
SAN DIEGO, CA, Sept. 20, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Generation NEXT Franchise Brands, Inc. (OTCQB: VEND) announced today that its flagship subsidiary, Reis & Irvy’s, has signed an exclusive agreement with master franchise rights for the robot-staffed frozen yogurt and ice cream chain in Knoxville, TN, the state’s third largest city after Nashville and Memphis.
Knoxville
The $3.2 million exclusive territory deal includes contracts for 16 initial Reis & Irvy’s locations along with an agreement for an additional 59 locations (75 total) throughout the area as part of an agreement that secures the group’s exclusive rights to Knoxville.
Knoxville is the home of the flagship campus of the University of Tennessee, whose sports teams are extremely popular in the surrounding area. Knoxville is also home to the headquarters of the Tennessee Valley Authority, the Tennessee Supreme Court's courthouse for East Tennessee and the corporate headquarters of several national and regional companies. As one of the largest cities in the Appalachian region, Knoxville has positioned itself in recent years as a repository of Appalachian culture and is one of the gateways to the Great Smoky Mountains National Park.
Nima Kioumarsi, the Knoxville exclusive franchisee, was originally attracted to the simplicity of the Reis & Irvy’s business model: “I was sold on the idea of unattended retail and semi-passive income. Reis & Irvy’s innovative franchise concept provides this kind of flexibility, and I am looking forward to a long and prosperous relationship. I’m very proud to bring this to the friendly people of East Tennessee!”
“We couldn’t be more honored to work with the ever-growing number of both multi-unit and exclusive territory Reis & Irvy’s franchisees across the United States that are helping to grow the Reis & Irvy’s brand while launching their own hometown businesses. Their vision and enthusiasm to bring this unique experience to their markets –each in their own way– along with their dedication to their communities and future customers, is an inspiration for everyone at Generation Next and Reis & Irvy’s,” said Nick Yates, Chairman of Generation Next Franchise Brands. “Nima, in particular, exemplifies these characteristics.
“More units are being delivered each day to eager franchisees and locations across the U.S. – and after a long period of development, beta testing and subsequent improvement, we’re pleased to say that the reviews are finally coming in from franchisees and customers alike – and they’re telling us we got it right. Combined with our ever-expanding access to the choicest locations, refined technology, and premium products, suffice it to say we’re excited about the potential that each of the units we’re installing every day represents for our franchisees and our company,” Yates added.
Reis & Irvy’s: Franchise Expansion Highlights:
Since its debut, Reis & Irvy’s has grown to over 280 franchisees across the U.S. and represents over 1,400 pending robot installations aggregating approximately $60 million, with additional contract commitments for over 3,200 robots worth an estimated $129 million ($189 million in total) in potential future revenues for Generation NEXT Franchise Brands, Inc. One of the company’s more high-profile franchisees, PGA Championship golfer Phil Mickelson, announced an interest in the company, signing a contract in June to deploy 30 Reis & Irvy’s locations in Southern California.
With $189 million in franchise and licensing contracts, Generation NEXT Franchise Brands, Inc. (OTCQB: VEND) is leading the way with frozen desserts, fully autonomous robotic delivery, visual and audio entertainment, and a unique retail experience. The robots also accept cash, credit cards, Apple Pay and Google Wallet, and the company is working on accepting cryptocurrencies such as Bitcoin for payment in the near future.
An Industry Disruptor
Generation Next Franchise Brands, Inc. (OTCQB: VEND) is the developer of the world's first fully-automated robotic frozen dessert vending kiosk designed to disrupt brick-and-mortar competitors. Reis & Irvy’s unattended robots eliminate the need for costly rents and employees; significantly reduce food safety concerns; and are capable of operating 24-hours a day.
Reis & Irvy’s-branded signature robot characters of the same name can dispense servings of frozen yogurt, ice cream, gelato and sorbet topped with a selection of six delicious toppings in under 60 seconds. With self-checkout touch screen ordering and payment options, video animation, music and delicious frozen dessert provided exclusively by Dannon, robot vendors meet consumers’ demand for immediate convenience, entertainment and a superior quality product - be it in shopping malls, medical centers and any other high-traffic area.
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 Generation NEXT Vending Robots.
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.
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, 2017, 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.