SAN DIEGO, CA, Oct. 08, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – The Board of Directors at Generation Next Franchise Brands (VEND) named Ryan Polk as Chairman. The Board also accepted the resignation of the outgoing Chairman, Nick Yates.
In September, the Company announced Yates had stepped down as CEO to focus on sales, marketing, and business development. He continues in this important leadership role following his resignation from the Board. As part of his Board resignation, Yates voluntarily rescinded 9.5 million options awarded to him in 2017 and 2018 including 2.5 million vested warrants with a $0.16 exercise price.
“I support Ryan’s leadership of the company and believe he is leading Generation Next on the right path to see the company deliver to both its franchisees and shareholders. I also recognize the importance of our capital raising efforts and deemed it would be in the best interest of Generation Next and the underlying shareholders for me to rescind my performance-based options as I believe this decision would help increase the amount of shares available to new investors, helping the Company secure additional growth capital,” said Yates.
Polk added, “I appreciate the Board’s confidence in the plans we began executing in August to become an institutional grade company. Raising new capital is an important initiative for us. The changes we have made in the last couple of months and those we plan to complete during the next few weeks will make us more attractive to investors and help us meet the expectations of Reis & Irvy’s franchise owners.”