GENERATION NEXT FRANCHISE BRANDS, INC. (OTCMKTS:VEND) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders
On August 2, 2019, Generation Next Franchise Brands, Inc. (the “Company”) held a Special Meeting of Stockholders (the “Special Meeting”), the Special Meeting was adjourned until August 16, 2019 and completed on that date. Of the 73,110,463 shares of common stock outstanding as of June 25, 2019, the record date for the Special Meeting, 41,041,527 shares were represented at the Special Meeting (in person or by proxy), constituting 56.8% of the outstanding shares entitled to vote and a quorum to conduct business at the Special Meeting.
At the Special Meeting, stockholders of the Company (1) approved the ratification of the appointment of Benjamin & Young, LLP as the Company’s independent registered public accounting firm (independent auditors) for the fiscal year ending June 30, 2019, (2) approved an amendment to the Articles of Incorporation to increase the authorized shares of Common Stock of the Company from 100,000,000 shares to 200,000,000 shares, and (3) approved the change of the name of the Company from Generation Next Franchise Brands, Inc. to Generation Next.
The final voting results are set forth below.
Proposal 1: To ratify the appointment of Benjamin & Young, LLP as the Company’s independent registered public accounting firm (independent auditors) for the year ending June 30, 2019.
Proposal 2: To amend the Articles of Incorporation to increase the authorized shares of Common Stock that the Company has authority to issue from 100,000,000 shares to 200,000,000 shares.
Proposal 3: To change the name of the Company form Generation Next Franchise Brands, Inc. to Generation Next.
Proposal 4: To approve the adjournment of the Special Meeting, if necessary or advisable, to permit further solicitation of proxies in the event there are not sufficient votes at the time of the Special Meeting to approve any or all of the foregoing items of business.
Item 9.01. Financial Statements and Exhibits.
Generation NEXT Franchise Brands, Inc. Exhibit
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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.