SAN DIEGO, CA, July 18, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Generation Next (OTCQB: VEND) will hold a meeting of its shareholders at its corporate headquarters in San Diego on Friday, August 2nd at 10:00 AM Pacific Time. The Company recently completed a filing with the SEC reflecting the intent to increase the authorized shares from 100 million to 200 million. This increase is accomplished through an amendment to the articles of incorporation which requires shareholder approval.
“We require additional capital to fulfill the backlog of Reis & Irvy’s robots and bridge the company to the point in time when we can generate positive cash flow from operations. Increasing the number of authorized shares gives us the opportunity to explore both debt and equity sources of capital,” said CEO Nick Yates. “We want to take care of the Reis & Irvy’s franchisees through the increased production and installation of kiosks; however, issuing new equity supports other objectives including a possible up-list to a senior exchange, such as NYSE or NASDAQ, and adding talent to our growing team. We also want to have the next robotic vending kiosk ready for launch after we have matured the Reis & Irvy’s platform within the next 12-24 months.” The Company also noted proceeds from its capital raise will also be used to fund operations and pay short term liabilities which include accounts payable to suppliers and obligations to franchisees lost because of the manufacturing delays and technical issues experienced with alpha units.
Another key item on the shareholder meeting agenda is changing the company name to Generation Next. “The name change is important because it communicates the direction we are moving as a company to operate both franchise and corporate store business models for our unattended retail platforms including Reis & Irvy’s, Print Mates, and the next program we will develop,” continued Yates.
Proxy and voting materials are being mailed to shareholders of record as of June 25. Generation Next will provide an audio recording of the meeting on the investor page of its website on Monday, August 5.
For more information, visit Generation NEXT Website: www.gennextbrands.com or call Toll-Free (888) 902-7558.
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. Print Mates, Inc. and 19 Degrees.
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. Visit Reis & Irvy’s website - 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.