The 10-Year Agreement Includes the Initial Purchase of 23 Robotic Vending Kiosks Upfront and Commitments to Buy an Additional 77 Units
SALT LAKE CITY, UT, Feb. 11, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Generation NEXT Franchise Brands, Inc. (VEND) announced today that its flagship subsidiary, Reis & Irvy’s, has signed an exclusive franchise agreement for the robot-staffed frozen yogurt and ice cream chain in Salt Lake County, UT and Utah County, UT.
Salt Lake and Utah Counties
The $5,000,000 exclusive territory contract includes the upfront purchase of 23 kiosks for $1,150,000 along with contract commitments to purchase an additional 77 kiosks (100 in total).
Salt Lake County, the most populous county in Utah, is home to more than 1.1 million residents and includes Salt Lake City, the state capital. The University of Utah, with a student body of well over 30,000 is also located in the county. The county’s ski resorts attract tourists from around the world, and Salt Lake City is home to a number of technology companies.
Utah County, with a population of more than 500,000, is Utah’s second-most populous county and is home to the city of Provo, the state’s third-largest city. Also boasting more than 30,000 students, Brigham Young University, or BYU, is located in Utah County.
Combined, the exclusive territory represents a population of more than 1.6 million people in Utah’s largest metro area.
“When we heard of Reis & Irvy’s we immediately knew that this was going to be something that would thrive in this area. We know that a quicker, easier, cleaner, and more exciting way of getting a quick-frozen treat would be welcomed in the Salt Lake/Provo area. The idea of using our modern-day technology to deliver your frozen yogurt in minutes will not only revolutionize this area but bring joy to the people of Utah,” said Jason Olson, the Reis & Irvy’s Exclusive Franchisee for Salt Lake and Utah counties, Utah.
“More concentrated ownership of Reis & Irvy’s robots and franchisees with larger footprints makes a lot of sense to us at the head office. We can work closely with these franchisees and their teams to build long term relationships with location partners throughout each community they represent,” said Nick Yates, CEO of Generation Next Franchise Brands. “We have built a network of exclusive territory franchisees that all bring something special to the table. These entrepreneurs are engineers, software developers, fund managers, sales and marketing professionals and logistics experts. Jason is no exception, and I have no doubt he will represent the Reis & Irvy’s brand the best way possible throughout Utah.”
In addition to his new Reis & Irvy’s franchise venture, Mr. Olson is the president of a mechanical contracting company whose work includes projects for hospitals, universities, public schools, retail stores, restaurants, churches, hotels, assisted living centers, banks, office buildings and more.
Reis & Irvy’s: Franchise Expansion Highlights:
Since its debut, Reis & Irvy’s has grown to over 300 franchisees across the U.S. and represents approximately 1,500 current and pending robot installations aggregating approximately $64 million, with additional contract commitments for over 2,700 robots worth an estimated $107 million ($171 million in total) in potential future revenues for Generation NEXT Franchise Brands, Inc.
With $171 million in franchise and licensing contracts, Generation NEXT Franchise Brands, Inc. (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. (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, hospitals, airports 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 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.
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.