GENERATION NEXT FRANCHISE BRANDS, INC. (OTCMKTS:VEND) Files An 8-K Other EventsItem 8.01. Other Events.
On October 30, 2017, Generation Next Franchise Brands, Inc. (the “Company”) announced that it had entered into an international license agreement (the “Agreement”) with Froyo Vending Canada, Inc. A full copy of the Company’s press release related to this Agreement is being furnished herewith as Exhibit 99.1.
to the Agreement, Froyo Vending Canada, Inc. will serve as the exclusive master franchisee of the Company’s Reis & Irvy’s Frozen Yogurt Robots concept within Canada for a period of five (5) years. Froyo Vending Canada, Inc. agreed to purchase twenty (20) units and will purchase a minimum of 500 total units during the 5-year term.
to the Agreement, Froyo Vending Canada, Inc. will serve as the exclusive licensor of the Reis & Irvy’s robots and the patented vending technology therein. This exclusivity is in acknowledgment of the existing purchasers of the Reis & Irvy’s frozen yogurt robots and Reis & Irvy’s franchisees in existence prior to October 20, 2017.
If Froyo Vending Canada, Inc. achieves its minimum annual purchase objectives under the Agreement, the Company will generate $18,120,000 in future revenues.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
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ExhibitNumber |
Description |
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99.1 |
Press Release, dated October 30, 2017. |
Generation NEXT Franchise Brands, Inc. ExhibitEX-99.1 2 vend_ex991.htm PRESS RELEASE,…To view the full exhibit click here
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.