Fresh Healthy Vending International, Inc. announced that it has entered into a non-binding term sheet for the acquisition of an integrated micro market platform and all existing micro market assets and operations from Corporate Refreshment Services, LLC (CRS). The assets purchase will include all micro market operations and assets belonging to CRS including, but not limited to, all micro market locations, inventories, accounts receivable, software, systems and intellectual property.
Upon closing of this proposed purchase, Fresh Healthy Vending plans to rapidly increase the number of company-owned micro markets in the San Diego, Calif.-area. Additionally, the company expects to begin offering the integrated micro market platform to all existing and prospective franchisees.
Fresh Healthy Vending executives describe the soon to be Fresh Micro Market as "a mini whole foods for the office break room."
Completion of this proposed transaction is subject to various conditions including, without limitation, additional due diligence, board and regulatory approvals, and negotiating, preparing and entering into a definitive assets purchase and related agreements. No assurance can be given that this proposed transaction will close.
