SAN FRANCISCO -- Fresh Healthy Vending International Inc. said it has struck a deal with one its franchisees to operate up to 60 of FHV's corporate-owned machines within a 25-mile radius of Clearwater, FL.
The machines will be serviced by partners Lisa Howard and Thomas Dodd, who currently own and operate 17 machines at multiple locations in the Clearwater area. FHV said it will retain ownership of the machines and location contracts, and collect the machines' revenue. The vending biz-op said it will pay its service partner a percentage of the net profits "based on each machine's performance each month."
FHV said it has begun procuring locations for the 60 machines. It operates its own machines locally in San Francisco, and announced the creation of its corporate-owned operations division last month.
Nick Yates, FHV vice-president of corporate operations, said the company plans to establish similar partnerships with other members in its network, which consists of 200 franchisees. He added that the company plans to acquire established vending routes.
Fresh Healthy Vending recently began trading on the OTC Markets under the ticker symbol VEND. Its stock is currently trading at around $1.80, after reaching a high of $4.05.