(MENAFN- Baystreet.ca) At least one small-cap company is dismissing all the talk about a recession coming.
San Diego-based Generation Next Franchise Brands, Inc. (OTC:VEND) Thursday updated its projection for the current fiscal year revenue to range between $30 and $40 million with most of that revenue being recognized during the second half of fiscal 2020).
Interim CEO Ryan Polk mentioned that the company is updating its fiscal year 2020 estimate to account for any risks to production due to the company's tight control of cash while management and Stout evaluate the various financing alternatives.
VEND also announced it has ended its contract manufacturing relationship with Flex and is ready to begin production with new partners.
Said Polk,"While working on (the migration from Flex), we concluded that additional companies should be included in the discussion. This has turned out to be a good decision and we have narrowed our options to two contract manufacturers.
"Manufacturing a high volume of units per month is what people have always expected from this company and it is my responsibility to meet this expectation, but proper financing and quality control must be achieved before ramping volume."
Shares in VEND galloped 5.2 cents, or 13%, to 45 cents, on volume exceeding 89,000
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