Shares of Generation NEXT Franchise Brands (OTCQB:VEND) are perking higher today as the company announces that its robotic frozen yogurt vending franchise concept, Reis & Irvy's, began its global expansion with the completion of the brand's first international licensing agreement with the ItFroYo Group. The company's international launch is focused on a debut in Israel, which is considered to be one of the leading regions for significant developments and impacts within technology and innovation.
Earlier this year, Generation NEXT Franchise Brands announced the development and availability of international licensing opportunities for the Reis & Irvy's concept which was launched within the United States and Canada in April 2016. The high-tech robotic vending machines, which will dispense servings of frozen yogurt, ice creams and sorbets, topped with six delicious toppings in under 60 seconds, have seen tremendous response from the market. Since its debut, Reis & Irvy's has grown to over 175 franchisees across the U.S. and represent 725 pending robot installations.
The ItFroYo group will serve as exclusive licensees, distributors and operators of Froyo Robots within the Middle East / Israel territory for five years under the terms of the Reis & Irvy's licensing agreement. The agreement worth $3,637,500 to Generation NEXT Franchise Brands, states that the group will purchase the units within the five-year term and will represent the frozen yogurt/ice cream robot technology within its respective territory using the Reis & Irvy's brand.
