SAN DIEGO, Sept. 04, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Generation Next Franchise Brands, Inc. (OTCBB: VEND) (“Generation Next” or the “Company”) announced today its Board of Directors recently passed three resolutions. The first naming Ryan Polk as interim-CEO, the second appointing Tom McChesney to join the Board of Directors, and the third approving an engagement with Investment Bank Stout Risius Ross Advisors, LLC (“Stout”). The Company originally announced these pending actions when it announced a restructuring on August 8th.
Nick Yates, Founder and outgoing CEO, is assuming the role of Vice President, Sales and Marketing. Yates will have the opportunity to now focus entirely on developing new unattended retail platforms and leading both sales and marketing of the existing Reis & Irvy’s and Print Mates brands. The Company noted that Ryan Polk will succeed Mr. Yates as interim-CEO and will retain his CFO responsibilities and that the Company intends to announce the second of two Board Nominees before the end of September. The expanded Board will be responsible for naming a permanent CEO.
The Board also approved Generation Next entering into an engagement to retain Stout as the Company’s financial advisor pertaining to potential financing and strategic opportunities. Investment banking professionals from Stout’s Los Angeles, CA office will lead this effort in coordination with Company management.
The Board also announced the addition of Tom McChesney to its Board of Directors. Mr. McChesney is a seasoned investment banking professional who has served as a Director for several companies. He rose through the ranks and was appointed President of Paulson Investment Company in 1993. He left in 1995 and formed his own investment banking firm, specializing in working with emerging growth companies. He has stayed active in capital advisory services and building effective boards of directors for public companies. His most notable Director role was with TrueBlue, Inc. which, like Generation Next, was a bulletin board company when initially joined. During his 21 years with TrueBlue, it grew to be a $2.5 billion revenue company listed on the NYSE.
“I appreciate the support Ryan and I have received since we announced these plans in early August. Tom’s addition as an Independent Director is much needed and in Stout, we have chosen a qualified partner who understands our business and has put forward a good strategy for raising capital,” said Yates. “There is tremendous value in our ecosystem. Realizing that value has been a challenge to this point; however, many doors have opened this year to put us on a better path. Tom joining our board, Ryan stepping into the CEO role, and working with Stout are just some of the actions required to help us improve execution and overall results.”
Polk commented on the Board actions by saying, “I appreciate the Board trusting me to shepherd the Company through the restructuring plan. The Stout team is a great fit for our strategy to raise the new investment needed to move forward, and Tom brings the SEC compliance and corporate governance expertise that we need to complement our existing Board capabilities.”