Generation Next Announces Interim-CEO, New Independent Director and Appointment of Investment Bank
/EIN News/ -- 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.”
For more information, visit Generation NEXT Website: www.gennextbrands.com or 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. is parent company to Reis & Irvy’s, Inc. Print Mates, Inc. and 19 Degrees, Inc.
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 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 Print Mates
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.
About Stout
Stout is a global advisory and consulting firm specializing in Investment Banking, Valuation Advisory, Dispute Consulting, and Management Consulting. Stout serves a range of clients, from Fortune 100 corporations to privately held companies in numerous industries around the world. Stout’s Investment Banking group specializes in providing mergers and acquisitions (M&A) advice, private capital raising, and other financial advisory services to public and private companies. Learn more at stout.com.
Stout is a trade name for Stout Risius Ross, LLC, Stout Advisors SA, Stout GmbH, Stout Bluepeak Asia Ltd., and Stout Risius Ross Advisors, LLC, a FINRA-registered broker-dealer and SIPC member firm. The terms "Stout" or the "firm" refers to one or more of these independent advisory practices.
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.
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