Generation Next Franchise Brands Inc. (fka VEND)

[Alvie]

VEND filed a Form 8 on their new agreement with Robofusion:

"On December 30, 2015, the Company entered into a non-binding term sheet (the “Term Sheet”) for the exclusive license of the Robofusion frozen yogurt kiosk/cube concept. The principal items of the Term Sheet are as follows:

Fresh Healthy Vending will obtain the exclusive rights to the trademarks, trade names, and other intellectual property of Robofusion, in the territories of the United States of America and Canada, excluding Puerto Rico (the "Territory”);


Fresh Healthy Vending will be provided a right of first refusal to match any agreement Robofusion reaches outside of the Territory;

Robofusion will have the right to sell its kiosk directly to businesses in the Territory that choose to “self operate” so long as such sale involves a single lot of not less than 25 units. Locations already secured by Fresh Healthy Vending would be deemed an exclusion to this provision;

Fresh Healthy Vending will pay Robofusion $250,000 in two installments as follows: (i) $125,000 upon execution of a final license agreement, and (ii) $125,000 upon delivery of the fully working prototype on or before May 1, 2016;


In the event Robofusion ceases operations, Fresh Healthy Vending will be permitted to continue manufacturing of the kiosk.

The transactions described within the Term Sheet are subject to our negotiating and executing a definitive license agreement and raising additional capital, with no assurance being given that we will be successful in doing so."