SAN DIEGO, CA-(NewMediaWire - Jul 6, 2017) - Generation NEXT Franchise Brands (OTCQB: VEND) reports franchise backlog as of June 30, 2017.
The franchisor, whose Reis & Irvy's frozen yogurt robots launched in April of 2016, finished the year ended June 30, 2017, with backlog aggregating $27 million. Additionally, the company has secured over 215 premiere locations for its franchise network.
Other notable items are as follows:
Reis & Irvy's total franchise network aggregates over 175 franchises;
Reis & irvy's frozen yogurt robots aggregate over 725 units;
Notable locations secured include Henry Ford Museum, Jeff Gordon Hospital, University of Pennsylvania, McCarren Airport Las Vegas, Indianapolis International Airport, Nissan Headquarters, Austin Convention Center, Hyundai Headquarters, The Kraft Company Headquarters and FedEx Express World Headquarters;
Largest franchise to date totals 12 units (two franchises);
The company raised proceeds totaling $2.4 million in the form of an equity offering;
We raised $509,000 in debt proceeds during the year ended June 30, 2017 and also repaid $609,000 in debt principal during the same period. Also, various loan agreements were extended through dates ranging from June 30, 2017 to December 31, 2017;
The company completed the fiscal year with $1.7 million in cash;
We completed the acquisition of all Robofusion assets, including patents, trademarks and tradenames;
We engaged D&K Engineering as our contract manufacturing partner. D&K is an international product design and contract manufacturing services company with a proven track record of turning innovative ideas into successful reality. D&K's clients include BD, Illumina, Lexmark, Hewlett Packard, Callaway Golf, Panasonic, Microsoft, Procter and Gamble, and Halliburton;
The company's first next generation robot prototype was built and commenced performance testing;
We initiated our international Master License program in which we will partner with in-country entrepreneurs to distribute our frozen yogurt robots. These in-country entrepreneurs will represent the Reis and Irvy's brand around the globe.
"Our aggregate bookings of $27 million have laid the foundation for our franchise program on two levels: the first being equipment sales and cash flow for operations on the front end and secondly, future recurring revenues from royalties and product rebates on the back end," said Nick Yates, the company's Chairman and Founder. "Fiscal 2018 sees us launching our beta phase production and field tests followed by full scale production. This, coupled with the many national location opportunities we have pending for trials and the launch of our international licensing program, makes for a promising forecast of activity in fiscal 2018."
