Current Report Filing (8-k)
On July 31, 2018, the Company entered into an Exclusive Location Partnership Agreement (the “Agreement”) with the Canteen Vending Division (“Canteen”) of Compass Group USA, Inc. (“Compass”). The Agreement provides that Canteen will provide location procurement services for the placement of the Company’s vending robots within locations that fall in Canteen’s core businesses, including locations operated by sector partners within Compass. The term of the Agreement is for twelve (12) months with a potential 12-month renewal term and provisions for termination. The Agreement provides for Canteen to receive specific referral fees based on the number of locations procured by Canteen.
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From the website of Compass Group USA:
As the leading foodservice and support services company, Compass Group North America is a family of companies building experiences for all of our customers. We serve award-winning restaurants, corporate cafes, hospitals, schools, arenas, museums, and more. In addition, we are proud to offer state-of-the-art self-service and office coffee solutions.
Based in Charlotte, NC, Compass Group North America has over 250,000 associates and $17 billion in revenues in 2017. We have the privilege of serving such prestigious clients as IBM, United Technologies Corp., SAP, Mount Sinai Hospital NYC, Louisiana State University, and Texas A&M University. In addition, Compass provides catering to special events such as the US Open and the Academy Awards®. Compass Group was the official catering services supplier for the 2002 Olympic and Paralympic Winter Games in Salt Lake City.
Our parent company, UK-based Compass Group PLC, operates in 50 countries, with leading market positions in the UK, Continental Europe, Australia, and the US, combined with business in developing markets in Eastern Europe, South America, and Asia. Compass Group employs more than 500,000 associates worldwide delivering superior service for the highest customer experience. The Group had revenues of £22.9 billion in the fiscal year ending September 30, 2017.
