SAN DIEGO, Aug. 08, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Generation Next Franchise Brands announced several moves which support the Company’s objectives to increase cash flow, raise capital, and increase its Reis & Irvy’s kiosk production.
The details provided by the Company include:
- Expanding the Board of Directors through a search for two additional independent members with a goal of forming a Board comprised of a majority of independent Directors
- Effective September 1, appointing current CFO, Ryan Polk, as interim-CEO and the Founder and CEO, Nick Yates assuming the position of Vice President Sales and Marketing
- Reducing compensation for executive management
- Eliminating 40% of the current payroll expense
- Streamlining marketing, research and development budgets
- Forming a new partnership with First Apex International further improving investor relations capabilities
“Raising capital, adding strategic insights, and increasing governance are critical objectives for us during the next 90 days. This starts with the addition of two new Independent Directors and selecting the right partner to help us engage the capital markets,” said Yates. “We have blazed a new trail in unattended food retail and have attracted strong interest from franchise operators and high-profile national retail hosts. This model is sound, and we have a huge backlog of revenues to both recognize and help us attract the right kind of finance partner. We are all very eager to move into this phase of the Company’s growth and evolution.”
Yates will have the opportunity to now focus entirely on developing new unattended retail platforms and leading both sales and marketing of the existing Reis & Irvy’s and Print Mates brands. The company noted Polk will retain his CFO responsibilities and that the company expects to announce the two Board Nominees before the end of September. The expanded Board will be responsible for naming a permanent CEO. The company is currently assembling a slate of promising candidates.
The expense reductions are estimated to decrease selling, general, and administrative expenses by $3 to $4 million annually. The position eliminations were communicated to employees this week.
Some additional highlights for the month of July include:
- Secured 41 new US locations for Reis & Irvy’s franchisees
- Booked 22 new Reis & Irvy’s franchises in seven new franchise contracts worth $1.2 million in deferred revenues (averaging $54,500 per franchise)
- Installed 35 unattended retail kiosks allowing revenue recognition of approximately $1.5 million
The Company received the following press mentions during July.
- Retail Touchpoints: Exclusive Q&A: Not Your Father’s Vending Machine
- San Diego Business Journal: For Reis & Irvy’s, Disruption is a Dish Best Served Cold (Syndications: NBC San Diego, NBC Los Angeles, San Diego Informer)
- ABC Columbia: Robotic Vending Machines Coming to Columbia are Ready to Serve You
- Winsight Grocery Business: How Franchises Get Digital Shoppers Back in the Store
- ZDNet: 7-Eleven’s self-checkout: A low-tech answer to Amazon Go
- Investor Ideas: Generation Next (OTCQB: VEND) Announces Fiscal Year End Revenue of $17,100,000
- NBC San Diego: California Department of Public Health Approves Robot Ice Cream Vendors (Syndications: NBC Chicago, NBC Miami, NBC New York, NBC Philadelphia, NBC Washington DC, NBC Bay Area News, NBC DFW, NBC Connecticut, NBC Los Angeles, NBC Boston, NECN.com)
- Vending Times: California Department of Public Health Approves Reis & Irvy’s Soft Serve Vending Machines
- Kiosk Marketplace: California grants variance for self-serve frozen dessert kiosks, mandates cleaning and sanitizing product
- San Diego Metropolitan Magazine: Daily Business Report-July 24, 2019
- Downtown Magazine: Can Froyo Robots Stop the #icecreamchallenge?
- Grocerant Guru: Innovation & Disruption are the Undercurrent Threatening U.S. Chain Restaurants
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. develops, distributes, and operates unattended retail platforms through the subsidiaries of Reis and Irvy’s, Inc., Print Mate Kiosks, Inc. and 19 Degrees, Inc. the managing partner of 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 Print Mates
Print Mates™ was formed by a team of entrepreneurs, engineers, and photography professionals in San Diego that are on a mission to reinvent the premium-quality photo printing experience by making it fast, fun, and inexpensive to get your photos “out of your phone and into your hand” with the Print Mates™ Kiosk – and creating a golden opportunity for retailers in the process.
Print Mates’™ easy-to-use, patented touchscreen kiosks are promising to close the loop on the consumer photo lifecycle, as well as drive much-needed foot traffic to traditional brick-and-mortar businesses ranging from supermarkets, grocery and drug stores to big box retailers, shopping malls, family fun centers, hotels, airports and more.
The company began a nationwide expansion in 2019 by offering retailers, business owners and forward-thinking retailers across the country an opportunity to own a piece of an emerging multi-billion dollar industry.
Print Mates™ Kiosks and ever-expanding product line of photographic decor, gifts, prints and accessories are proudly Made in the USA.
About First Apex International
First Apex International is a global investor relations firm focused on providing a wide range of investor relations services to middle market and emerging growth public and private companies utilizing industry best practices. FAI works closely with their clients, ensuring they are provided with a comprehensive strategy and the right tools in the development of their investor relations programs. With a team of dedicated professionals, FAI designs and implements a customized plan to achieve client results and meet specific needs and capital markets objectives in a cost-effective manner.
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.