CORONA, CA -- On the heels of Outerwall's announcement last month that it was shuttering its Rubi Coffee kiosk business, AVT Inc. hastily boasted that its Marley Coffee-branded machine were well positioned to fill the Rubi void. This week, AVT said an independent investment fund has been created to raise $4.9 million to do just that.
The fund is managed by a newly created entity called Automated Retail Income Development Inc., which plans to purchase up to 300 Marley Coffee machines. AVT said ARID negotiating with Krogers, Safeway and several military bases to place Marley-branded coffee equipment in locations that were served by Outerwall before it pulled Rubi vending machines out of the market. | SEE STORY
ARID estimates that it will begin delivering machines to Safeway stores and some military bases beginning 90 days from the date that it starts accepting investment funds; AVT did not specify a timeframe. Once the kiosks are delivered, investors will reportedly receive quarterly returns.
AVT said it will work with ARID to provide system placement, upkeep and restocking of the Marley machines.
Marley Coffee Inc. and AVT in April 2012 entered a licensing partnership, Marley Coffee Automated Stores, through which the Corona, CA-based developer of automated retailing systems creates high-end Marley-branded specialty coffee vending machines.
"Now individuals can participate in the profitable gourmet coffee industry without any of the day-to-day hassles of running a business," said Joe Menichiello, vice-president of sales and marketing of Marley Coffee Automated Stores. "We have the ability to cherry-pick the top performing locations where the Rubi kiosks flourished. This provides a unique opportunity to place systems where they have already been proven to excel."