GENERATION NEXT FRANCHISE BRANDS COMPLETES FISCAL 2018 WITH $50 MILLION IN AGGREGATE BOOKINGS AND ADDITIONAL COMMITMENTS OF APPROXIMATELY $110 MILLION FOR ITS FRANCHISE CONCEPT REIS & IRVY’S
The Franchise Company Also Completes its Fourth Quarter of Fiscal 2018 with Robust Bookings of 240 Robots Aggregating Over $10 Million
SAN DIEGO, CA, July 09, 2018 (GLOBE NEWSWIRE) -- Generation NEXT Franchise Brands (OTCQB: VEND) reports franchise bookings and deferred revenues of $50 million as of June 30, 2018, before certain adjustments. Furthermore, the company has additional booking commitments of approximately $110 million. The franchise company whose Reis & Irvy’s frozen yogurt robots launched in April of 2016, finished the year ended June 30, 2018 with over 250 franchisees.
Other notable items during the fiscal year ended June 30, 2018 are as follows:
-- Cash on hand of $10 million, compared to $1.8 million in the prior fiscal year; -- Cash in escrow of $3.8 million, compared to $2,000 in the prior fiscal year; -- Total assets of $45 million, compared to $18 million in the prior fiscal year and $4 million two years’ prior; -- The Company raised proceeds totaling $18.3 million in the form of an equity offering; -- On June 20th, announced business relationship with five-time Major Golf Champion Phil Mickelson and his career-long business manager and business partner Steve Loy as franchisees in San Diego; -- Signed a master franchise agreement in Atlanta with potential future revenues aggregating up to $21 million; -- Signed a master franchise agreement in Australia with potential future revenues aggregating up to $18 million; -- Signed an exclusive franchise agreement in Miami-Dade Metro area with potential future revenues aggregating up to $22.3 million; -- Signed an exclusive franchise agreement in Los Angeles and Orange County markets with potential future revenues aggregating up to $23 million; -- Signed master franchise agreements in Israel and Oman with potential future revenues aggregating up to $5.5 million; -- Signed a master franchise agreement in Canada with potential future revenues aggregating up to $17.1 million; -- Signed an exclusive agreement in Pennsylvania with future revenues aggregating up to $4.1 million; -- Signed an exclusive agreement in Ohio with potential future revenues aggregating up to $3.8 million; -- Debuted our frozen yogurt robot at CinemaCon, International Franchise Expo and the National Restaurant Association; -- Delivered and installed our first redesigned robots in June 2018;
“Fiscal 2018 was an exhilarating year for Generation Next Franchise Brands. We successfully booked over $50 million in franchise sales, and generated booking commitments for approximately $110 million. While the delay in our manufacturing process did cause some angst amongst us all, I’m pleased to announce that our first installations kicked off this past June and these units are operating with great fanfare across multiple states,” said Nick Yates, the company’s Chairman and Founder. “In fiscal 2019, we look forward to substantial revenue growth, profitability and the launch of our second robotic vending concept.”
The company’s net loss increased in the fiscal year ended June 30, 2018, compared to the prior fiscal year, as the result of significantly increased research and development and personnel expenses. At the same time, the company’s cash on hand has increased by more than five times -- from $1.8 million to $10 million -- and assets have more than doubled from $18 million to $45 million. Most importantly, the Company is well prepared to increase production and delivery of its robots after having completed its first installations in June.
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., the world’s first robotic frozen yogurt vending kiosk, 19 Degrees, a corporate-focused frozen yogurt robot brand and Generation NEXT Vending Robots, its newly established owner/operator model. The Company has sold over 600 franchises throughout the United States, Canada, Australia, Israel, Puerto Rico and the Bahamas, and continually looks to partner with like-minded entrepreneurs who share its vision.
About Reis & Irvy’s, Inc.
Reis & Irvy’s, Inc. is a subsidiary franchise concept of Generation NEXT Franchise Brands, Inc. (OTCBB: VEND). Launched in early 2016, the revolutionary Reis & Irvy’s Frozen Yogurt Robot vending machine 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.
Media Contact: Darren Shuster Generation NEXT Franchise Brands, Inc. Phone: (818) 744-1851 Email: email@example.com