Generation Next Revises Up Installation Forecast for Fiscal Year
Generation Next Revises Up Installation Forecast for Fiscal Year
Improvements to kiosk engineering, component manufacturing, and software systems have been validated by multiple field tests
SAN DIEGO, March 26, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Generation Next Franchise Brands (VEND) announced today an increase in the estimate of Reis & Irvy’s robots to be installed during the fiscal year ending June 30, 2019.
The Company now estimates that it will install between 330 and 380 Reis & Irvy’s unattended retail kiosks during the full fiscal year ending June 30, 2019, with annual revenue recognized between $12.5 million and $14.4 million, compared to the most recent former estimate of between 290 and 340 installations and previously estimated recognized revenue of between $11 million and $12.9 million. This implies approximately 130 to 180 additional robots will be installed during the Company’s fourth quarter, which would yield quarterly revenue between $4.9 million and $5.7 million. The revised estimate is the result of higher than expected kiosk production, Company officials said.
“I am extremely pleased to have turned this corner with Reis & Irvy’s. From mid-February through March, day-to-day and week-to-week production has stabilized and is on an upward trend,” said Nick Yates, the Founder and CEO of Generation Next. “On top of the numbers, our franchise owners are providing positive feedback about the improvements we made based on what we learned from our alpha units.”
The Company is not revising its previous estimates for the first half of fiscal year 2020 with installs projected to range from 600 and 800 generating revenue of $22.8 and $30.4 million between July 1 and December 31, 2019.
Generation Next expects 50 to 70 of the remaining 2019 installs to be operated by 19 Degrees Corporate Service LLC which is a robot investment fund the Company established to operate kiosks in qualified locations where it doesn’t have a franchisee.
For more information, visit the Reis & Irvy’s website at www.reisandirvys.com or call Toll-Free (888) 902-7558.
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. is parent company to Reis and Irvy’s Inc and 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.
About 19 Degrees Corporate Service, LLC
19 Degrees Corporate Service, LLC is a Company-managed portfolio that will consist of Reis & Irvy’s kiosks situated at high-value locations in markets where Reis & Irvy’s does not have independent franchisees. Members of 19 Degrees Corporate Service, LLC generally will not participate in the operations of the LLC. Routine stockings, service, and cleaning of the robotic kiosks will be performed by trusted independent service providers under contract with the Company and its subsidiary. Any net cash proceeds from the kiosks will be distributed to the members on a quarterly basis, providing an opportunity for passive income. Member ownership units in the LLC will be issued under the registration exemption Rule 506(c) of Regulation D of the Securities Act of 1933 and will be available only to accredited investors. Interested accredited investors who qualify can contact our CEO Nick Yates at[email protected] for more information.
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.