The Agreement Includes the Purchase of 16 Robotic Vending Kiosks Upfront with Commitments to Buy an Additional 59 Units
Generation NEXT Franchise Brands, Inc. announced today that its flagship subsidiary, Reis & Irvy’s, has signed an exclusive agreement with master franchise rights for the robot-staffed frozen yogurt and ice cream chain in Knoxville, TN, the state’s third largest city after Nashville and Memphis.
The $3.2 million exclusive territory deal includes contracts for 16 initial Reis & Irvy’s locations along with an agreement for an additional 59 locations (75 total) throughout the area as part of an agreement that secures the group’s exclusive rights to Knoxville.
Knoxville is the home of the flagship campus of the University of Tennessee, whose sports teams are extremely popular in the surrounding area. Knoxville is also home to the headquarters of the Tennessee Valley Authority, the Tennessee Supreme Court's courthouse for East Tennessee and the corporate headquarters of several national and regional companies. As one of the largest cities in the Appalachian region, Knoxville has positioned itself in recent years as a repository of Appalachian culture and is one of the gateways to the Great Smoky Mountains National Park.
Nima Kioumarsi, the Knoxville exclusive franchisee, was originally attracted to the simplicity of the Reis & Irvy’s business model: “I was sold on the idea of unattended retail and semi-passive income. Reis & Irvy’s innovative franchise concept provides this kind of flexibility, and I am looking forward to a long and prosperous relationship. I’m very proud to bring this to the friendly people of East Tennessee!”
“We couldn’t be more honored to work with the ever-growing number of both multi-unit and exclusive territory Reis & Irvy’s franchisees across the United States that are helping to grow the Reis & Irvy’s brand while launching their own hometown businesses. Their vision and enthusiasm to bring this unique experience to their markets –each in their own way– along with their dedication to their communities and future customers, is an inspiration for everyone at Generation Next and Reis & Irvy’s,” said Nick Yates, Chairman of Generation Next Franchise Brands. “Nima, in particular, exemplifies these characteristics.
“More units are being delivered each day to eager franchisees and locations across the U.S. – and after a long period of development, beta testing and subsequent improvement, we’re pleased to say that the reviews are finally coming in from franchisees and customers alike – and they’re telling us we got it right. Combined with our ever-expanding access to the choicest locations, refined technology, and premium products, suffice it to say we’re excited about the potential that each of the units we’re installing every day represents for our franchisees and our company,” Yates added.
Reis & Irvy’s: Franchise Expansion Highlights:
Since its debut, Reis & Irvy’s has grown to over 280 franchisees across the U.S. and represents over 1,400 pending robot installations aggregating approximately $60 million, with additional contract commitments for over 3,200 robots worth an estimated $129 million ($189 million in total) in potential future revenues for Generation NEXT Franchise Brands, Inc. One of the company’s more high-profile franchisees, PGA Championship golfer Phil Mickelson, announced an interest in the company, signing a contract in June to deploy 30 Reis & Irvy’s locations in Southern California.
With $189 million in franchise and licensing contracts, Generation NEXT Franchise Brands, Inc. (OTCQB: VEND) is leading the way with frozen desserts, fully autonomous robotic delivery, visual and audio entertainment, and a unique retail experience. The robots also accept cash, credit cards, Apple Pay and Google Wallet, and the company is working on accepting cryptocurrencies such as Bitcoin for payment in the near future.
An Industry Disruptor
Generation Next Franchise Brands, Inc. (OTCQB: VEND) is the developer of the world's first fully-automated robotic frozen dessert vending kiosk designed to disrupt brick-and-mortar competitors. Reis & Irvy’s unattended robots eliminate the need for costly rents and employees; significantly reduce food safety concerns; and are capable of operating 24-hours a day.
Reis & Irvy’s-branded signature robot characters of the same name can dispense servings of frozen yogurt, ice cream, gelato and sorbet topped with a selection of six delicious toppings in under 60 seconds. With self-checkout touch screen ordering and payment options, video animation, music and delicious frozen dessert provided exclusively by Dannon, robot vendors meet consumers’ demand for immediate convenience, entertainment and a superior quality product - be it in shopping malls, medical centers and any other high-traffic area.