SAN DIEGO, CA--(Marketwired - Sep 26, 2017) - Generation NEXT Franchise Brands (OTCQB: VEND), whose Reis & Irvy's frozen yogurt robots launched in April of 2016, completed August of fiscal 2018, with bookings aggregating approximately $1.2 million.
Other notable items are as follows:
- Reis & Irvy's total franchise network aggregates 188 franchises;
- Reis & Irvy's frozen yogurt robots aggregate 792 units;
- Notable locations secured include: Michigan Science Center, McCarran Airport, Jeff Gordon Children's Hospital, FedEx Corporate Headquarters, Nissan Assembly Plant, Thomas & Mack Center at the University of Nevada, Las Vegas, The Florida Panthers Ice Den, Akron Metro Transit Center, Sky Zone Trampoline Park, Stony Brook University Hospital, Science Central, Doctors Hospital of Sarasota, Colombia Mall, Market Place Shopping Center, USPS Michigan Metroplex P&SC, Children's Hospital of Philadelphia, Saint Joseph's University, University of Pennsylvania, Drive Nation Sports, Mockingbird Valley Indoor Soccer Club and the Austin Convention Center.
- The company raised proceeds totaling $889,000 in the form of an equity offering;
- We repaid $161,250 in debt principal during August 2017;
- The company completed August 2017 with $2.1 million in available cash;
- We selected Flex (www.flex.com) as our exclusive contract manufacturer and now have a production schedule that allows for 1,000 units to be manufactured for installation by June 30, 2018. Flex designs and builds intelligent products for the connected world. With annual revenues of $24 billion and over 200,000 professionals across 30 countries, Flex provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes and industries;
- Our prototype unit developed by Lancer Corporation (https://www.lancercorp.com) underwent and has now completed the Underwriters Laboratories (UL) http://www.ul.com/ design review phase which means all that is left is the safety testing, of which we are extremely confident;
- We will be reviewing the design of the prototype with NSF http://www.nsf.org/ on September 28th and 29th to ensure all previous recommendations have been integrated into the new design. We will then send this prototype to NSF in Columbus Ohio for food safety testing and in-place cleaning method testing;
- We have developed a "burn-in-test" that will ensure all units are performance tested prior to shipment;
- Our Froyo Robot machines have been through rigorous performance testing over the last 30 days and have performed extremely well in various humidity and ambient temperature routines;
- On August 9, we announced an $875,000 Licensing Agreement within the Nation of Oman. This is the second international license agreement signed in two months, the other being for the exclusive rights to Israel, which was sold for $3,637,500;
"We are extremely pleased with the results of our development process with Lancer Corporation and look forward to delivering our first beta units manufactured by Flex in November," stated Nicholas Yates, Chairman and Founder. "We are currently putting our units through extensive performance testing that includes exceeded weight limits on our robotic arm, humidity and ambient temperature testing on our Froyo Robot and a burn-in test on the completed unit. Our unit has also completed the design review with UL, which allows us to move to the next phase being final testing as well as validating all the modifications and upgrades integrated over the last twelve months. The same applies to testing with NSF and marks the completion of development allowing our manufacturing processes to begin. We are also very pleased with our efforts to raise a total of approximately $4,000,000 for the company in the form of equity."
For more information on the revolutionary Froyo Robots or to learn more about how you can own your own Reis & Irvy's Froyo Robot franchise, visit the Reis & Irvy's website at reisandirvys.com. To learn more about Generation NEXT Franchise Brands or their family of brands, including Reis & Irvy's, Fresh Healthy Vending or 19 Degrees, please visit www.gennextbrands.com or call toll free 888-902-7558.
