57 new kiosk installations result in $2.2 million of revenue recognition
SAN DIEGO, June 05, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Generation Next reported May revenue of approximately $2.2 million on 57 kiosk installations bringing the total revenue for the quarter to approximately $5.2 million. The Company repeated its expectation for revenue of $8.0 million for the fourth quarter ending June 30, 2019 and fiscal year revenue of $16.0 million.
“Production in the month of May was solid; we installed 57 units however we also replaced 14 alpha units already in the field with new technology and this slowed us down somewhat. The locations team delivered a monthly record securing 55 new locations for our franchisees, and franchise sales were within expectations given we had to re-file our franchise documents forcing us to stop selling for a period,” said Nick Yates, CEO of Generation Next Franchise Brands. “We finished the month with a great reception at the International Franchise Expo for Reis & Irvy’s, and the team at Print Mates is building the right assortment of retail and grocery chains around the country for us to test the product as we begin building our corporate owned route.”
Highlights for the month of May include:
Delivered 57 Reis & Irvy’s unattended frozen yogurt robots to new locations (replaced 14 alpha units in existing locations)
Reached 319 global units delivered with 274 in the United States and 45 combined in Australia and Canada
Secured 55 new US locations for Reis & Irvy’s franchisees
Finished the month with 123 franchisees operating a Reis & Irvy’s kiosk in the United States
Sold an exclusive Reis & Irvy’s territory in Columbia, South Carolina
Booked 30 new Reis & Irvy’s franchises worth $1.5 million in deferred revenues
Entered into an agreement with a US mass market retailer to test Reis & Irvy’s in 10 locations
Surpassed 400,000 cups of yogurt and $2.0 million of retail sales for Reis & Irvy’s franchisees
Announced the signing of a partnership between Reis & Irvy’s and Vons (a division of Albertsons) to test locations within Southern California
US State Department approves Passport Photo Printed at Print Mates Kiosk
The Company received the following press mentions during May through its new PR agency 5WPR.
The Company began delivering and installing Reis & Irvy’s kiosks in June 2018 and halted during December to repair engineering and manufacturing flaws in what it refers to as alpha units. These repairs took hold in February when the Company resumed manufacturing. Yates noted, “We decided to use a portion of our new production in May to replace multiple alpha units which require a higher level of upgrading then we can perform in the field. That decision lowered our May revenue target, but it was the right thing to do for our franchise network and the Reis & Irvy’s brand. We are on track to deliver the fourth quarter revenue we communicated in April. We enter June with an inventory of 48 Reis & Irvy’s kiosks in our possession and ready for installation.”
For more information, visit Generation NEXT Website: www.gennextbrands.comor call Toll-Free (888) 902-7558.
About Generation NEXT Franchise Brands, Inc.
Generation NEXT Franchise Brands, Inc., based in San Diego, California, is a publicly traded company on the OTC Markets trading under the symbol OTCBB: VEND. Generation NEXT Franchise Brands, Inc. develops, distributes, and operates unattended retail platforms through the subsidiaries of Reis and Irvy’s, Inc., Print Mate Kiosks, Inc. and 19 Degrees, Inc. the managing partner of 19 Degrees Corporate Service LLC.
About Reis & Irvy’s, Inc.
Reis & Irvy’s, Inc. is a subsidiary franchise concept of Generation NEXT Franchise Brands, Inc. (VEND). Launched in early 2016, the revolutionary Reis & Irvy’s Vending Robot serves seven different flavors of frozen yogurt, ice cream, sorbets and gelatos, a choice of up to six custom toppings and to customers within 60 seconds or less at the point of sale. The unique franchise opportunity has since established itself as a high-demand product and currently showcases a franchise network both domestically as well as internationally.
Print Mates™ was formed by a team of entrepreneurs, engineers, and photography professionals in San Diego that are on a mission to reinvent the premium-quality photo printing experience by making it fast, fun, and inexpensive to get your photos “out of your phone and into your hand” with the Print Mates™ Kiosk – and creating a golden opportunity for retailers in the process.
Print Mates’™ easy-to-use, patented touchscreen kiosks are promising to close the loop on the consumer photo lifecycle, as well as drive much-needed foot traffic to traditional brick-and-mortar businesses ranging from supermarkets, grocery and drug stores to big box retailers, shopping malls, family fun centers, hotels, airports and more.
The company began a nationwide expansion in 2019 by offering retailers, business owners and forward-thinking retailers across the country an opportunity to own a piece of an emerging multi-billion dollar industry.
Print Mates™ Kiosks and ever-expanding product line of photographic decor, gifts, prints and accessories are proudly Made in the USA.
This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. No Reis & Irvy’s franchises will be sold to any resident of any state until the offering has been exempted from the requirements of, or duly registered in and declared effective by, such state and the required FDD (if any) has been delivered to the prospective franchisee before the sale in compliance with applicable law. Currently, the following states in the United States regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you reside in one of these states, or even if you reside elsewhere, you may have certain rights under applicable franchise laws or regulations.
Cautionary note on forward-looking statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning our future financial performance, including statements regarding: our ability to generate revenue and recognize deferred revenue; our ability to timely launch delivery and installation of our frozen yogurt robots; and our ability to grow our franchising and licensing divisions and launch our corporate-owned and direct sales platforms. The Company bases these forward-looking statements on its current expectations, estimates and projections about future events and the industry in which it operates using information currently available to it. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as “believe,” “anticipate,” “propose,” “expect,” “intend,” “plan,” “will,” “may,” “estimates,” variations of such words and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Factors that could cause actual results to differ from those implied by the forward-looking statements contained in this press release are set forth in our filings with the Securities and Exchange Commission (SEC), including our most recent Annual Report on Form 10-K for the year ended June 30, 2018, our Quarterly Reports, and our Current Reports on Form 8-K. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated and the Company is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.