GENERATION NEXT FRANCHISE BRANDS, INC. (OTCMKTS:VEND) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
Entry into a Material Definitive Agreement.
On March 29, 2019, Generation Next Vending Robots, Inc. (the “Buyer”), a wholly owned subsidiary of Generation Next Franchise Brands, Inc., (the “Company”), entered into and completed an Asset Purchase Agreement with Print Mates, LLC, a California limited liability company (“Print Mates”), to acquire all of Print Mates’ assets (the “Acquisition”) associated with and/or required to operate its image printing vending kiosk business including all trademarks, copyrights, patent applications, products, technology, and proprietary software (the “Assets”). There is no cash consideration being paid by Generation Next to Print Mates or any of its members as part of the acquisition.In connection with the Acquisition, the Buyer agreed to assume approximately $300,000 ofliabilities net offinishedgoods inventory.
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Item 2.01 |
Completion of Acquisition or Disposition of Assets. |
The disclosure in Item 1.01 above is incorporated by reference into this Item 2.01.
About GENERATION NEXT FRANCHISE BRANDS, INC. (OTCMKTS:VEND)
Generation NEXT Franchise Brands, Inc. formerly Fresh Healthy Vending International, Inc., is a franchise development company and operator of Company-owned vending machines, micro markets and frozen yogurt robots. The Company provides a portfolio of fresh, organic and all-natural snacks and drinks. The micro market provides fresh full meal options, such as salads, sandwiches and wraps. The micro market is designed for implementation in corporate environments, hotel lobbies, auto dealerships and other retail environments. The Company is focused on setting up national distribution partners to carry the consumable products required for the frozen yogurt robots. It outsources non-core functions to third-party vendors. Its services include machine manufacturing, transport, location set-up, maintenance, inventory, food management and ordering, payment processing and cash management. As of June 30, 2016, the Company and its franchisees operated over 3,000 vending machines and micro markets.
