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Vengo Labs Negotiates $2 Million Deal With Shark Tank Stars ▶ Vengo Labs' CEO Brian Shimmerlik and Co-Founder Steven Bofll successfully negotiated a deal with Shark Tank stars Kevin O'Leary and Lori Greiner, according to Business Insider. Appear- ing on a recent episode of ABC's TV show Shark Tank, the entrepreneurs of vending machine company Vengo Labs came away with $2 million in venture debt to be paid over three years at 7 percent interest in return for 3 percent equity. Vengo Labs is a wall- mounted, compact vending machine with the intention to create "something akin to an online shopping experi- ence but with an immediate reward," according to the source. Before appearing on Shark Tank, Vengo Labs raised $3.4 million over a seed and Series A round. According to the source, Vengo sells its units to vend- ing companies for $2,500 and charges a $20 monthly fee for maintenance insur- ance and access to cloud- based software. NCA: Consumers Shifting To Espresso- Based Options ▶ Daily consumption of espresso-based beverages has nearly tripled since 2008, reported the National Coffee Association in its 2016 NCA National Coffee Drinking Trends (NCDT), released March 19 at the NCA Annual Convention. At 18 percent of U.S. adult consumers in 2016, it signals a promising category shift, supported by younger consumer tastes, that outpaces fat overall consumption. And it is Millennials who are driving the increase. Between 2008 and 2016, past-day consumption of gour- met coffee beverages soared from 13 to 36 percent among 18-24 year olds and from 19 to 41 percent for those 25-39. For espresso-based beverages alone, the jumps become 9 to 22 percent for the 18-24 group and 8 to 29 percent for those 25-39. FDA Postpones Menu Labeling Enforcement Beyond Dec. 1, 2016 ▶ On March 9, 2016, the U.S. Food and Drug Admin- istration made a statement regarding menu labeling enforcement. Dr. Susan Mayne, Director, Center for Food Safety and Applied Nutrition is cited as saying: "As a result of language in the omnibus appropriations bill enacted December 18, 2015 (Public Law 114-113 Consolidated Appropriations Act, 2016), FDA is delaying enforcement from December 1, 2016, to the date that is one year after it issues fnal, Level 1 guidance on menu labeling. The draft Level 1 guidance was issued on Sept. 11, 2015, and FDA is considering all comments received and will issue the fnal guidance as soon as possible." As of presstime, the FDA confrmed that this extension on enforcement only applies to menu labeling rules for restaurants and not for the calorie disclosure nec- essary on vending machines by Dec. 1 of this year. People in the News CAVC Leader Don Phelps Passes Away Don Phelps of Newport Coast, CA, died March 3, 2016. Phelps began his vend- ing career as a sales rep for The Vendo Co. in the Southern California market. Eleven years later, he founded Food Systems, Inc., headquartered in Buena Park, CA. During his career, he supported the vend industry, serving as president of the California Automated Vending Council (CAVC). Sandy Schoenthaler Joins 32M Sandy Schoenthaler joins the Three Square Market (32M) sales team with more than 30 years of knowledge and experience being a leader in the food service, vending, micro market and offce coffee industry. Schoenthaler comes to 32M from more than four years as the regional manager at Taher Dining & Vending Services in Plymouth, MN. Previous to her work at Taher, Schoenthaler served as regional director for Canteen Vending as part of her 25 years with them. The J.M. Smucker Company Announces Leadership Transition The J.M. Smucker Company announced that effective May 1, 2016, Mark T. Smucker, Presi- dent, Consumer and Natural Foods, member of the Company's Board of Directors, and ffth generation of the Company's founding family, has been appointed President and Chief Ex- ecutive Offcer. Concurrent with these appoint- ments, the Smucker Board of Directors has also promoted Mark R. Belgya and Steven Oakland to the additional management roles of Vice Chair, ef- fective May 1, 2016. Belgya, currently Senior Vice President and Chief Financial Offcer, will be Vice Chair and Chief Financial Offcer, and Oakland, currently President, Coffee and Foodservice, will be Vice Chair and President, U.S. Food and Beverage. Paramount Coffee Services Makes Two Executive Appointments Paramount Coffee Services of New Jersey an- nounced that it has named Scott Guardino as president. Guardino has been an employee for 19 years, operating frst at Paramount Automated Food Service, then Paramount Refreshment Services in Florida. In addition, Deana McDowell has been appointed vice president of business development for the New Jersey operation. Phelps Smucker April 2016 VendingMarketWatch.com Automatic Merchandiser 11 T O P N E W S