Reis & Irvy’s Sells its 400,000th Cup of Frozen Yogurt
Franchisees earned $2 million in
revenue; kiosk production is on steady pace
SAN DIEGO, CA -- May 21, 2019 -- InvestorsHub NewsWire --
Generation NEXT Franchise Brands, Inc. (OTCQB: VEND) announced
today that its flagship subsidiary and premium, robotic soft serve
franchise, Reis & Irvy’s, sold its
400,000th cup of frozen yogurt on Saturday, May
18th.
To date, Reis & Irvy’s franchisees have sold in excess of
400,000 cups of frozen yogurt generating more than $2.0 million in
retail sales, according to Generation Next. The company
had announced its 300,000 cup sold just last month.
Reis & Irvy's is the Company’s flagship brand which serves
Dannon YoCream frozen yogurt through an unattended, robotic
kiosk.
“New locations and location categories, an ever-expanding
network of franchisees, new best practices, and improved software
and hardware are accelerating our retail sales and our growth rate
week-over-week and month-over-month,” said Nik Wright, the
company’s Vice President of Operations.
“These numbers are impressive when we take into account that
most of the kiosks that are in operation today have only recently
come online – most are still in what I would call a ‘soft launch’
phase, and half of the kiosks in operation as we speak have come
online within the last eight weeks,” Wright added.
“Helping franchisees achieve their potential is my primary
responsibility, and as each new franchisee and kiosk comes online,
they can count on the support of the company and the Reis &
Irvy’s marketing team to drive sales and optimize performance in
order to realize their full potential,” Wright
said.
Wright, who is responsible for a number of the company’s
recently-introduced Key Performance Indicators (“KPIs”), including
“Sales per Kiosk” or SPK, added that he has been working with
Dannon and the Reis & Irvy’s marketing team to develop product
rotations and promotional materials designed to expand and foster
brand awareness and demand in markets
nationwide.
Nick Yates, Founder and CEO of Generation Next, expressed his
satisfaction at the pace of recent milestones and thanked Mr.
Wright for his hard work and dedication.
“Three-and-a-half years ago, when we were just starting out, I
put Nik [Wright] in this role because of his experience operating
frozen yogurt stores all over the world. His experience even
includes operating one of the original prototypes that forms part
of our company’s early history - the original Robofusion kiosks
placed at the Salt Lake City Children’s hospital. At his core, he
is a solutions-oriented, customer service driven professional with
a passion for this product that is unlike anyone else. Nik is
obsessed with data, kiosk production and the promotion of the
Dannon YoCream product,” Yates said.
Manufacturing and Delivery on a Steady
Pace
Generation Next said that manufacturing and delivery of Reis
& Irvy’s kiosks appears to be on a steady pace after technical
challenges led to delays late last year.
Manufacturing and delivery of Reis & Irvy’s robotic kiosks
was paused in late 2018 to allow time for design improvements,
retrofitting and repair of existing machines in the field and in
the warehouse. Generation Next announced in February that it
had entered into a manufacturing and engineering agreement with
Stoelting Foodservice. Stoelting has played a key role in improving
the engineering and technology used to build the first robots,
providing both hardware retrofits for existing units and design
changes for units in production, as well as a series of software
upgrades that resolved earlier issues. The company is now
consistently producing between 15 and 20 kiosks per week.
In April, Generation Next delivered 76 robots for $3.0 million
in revenue and the company expects to deliver an additional 124 to
164 robots during the months of May and June combined, which would
close the final quarter of the company’s fiscal year (ended June
30) with quarterly revenue of $8.2 to $9.8 million and full year
revenue of between $16.0 and $17.6 million, according to the
company.
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 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. 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.
Contact:
Andrew Beach
Andrew.beach@gennextbrands.com