GenTech
Announces Performance Data for Three Months Ended July 31:
Over $300K in New Purchase Orders, 824% Growth in
Assets
NEW YORK, NY -- September 17,
2020 -- InvestorsHub NewsWire -- GenTech Holdings, Inc.
(OTC
PINK:
GTEH) ("GenTech" or the "Company"),
an emerging leader
in the high-end Premium Coffee and Functional Foods
marketplaces, is pleased to announce operational performance data
for the three months ended July 31, 2020.
Highlights Include:
- Over $300k in Purchase Orders
for the three
months ended July 31, with $151,630 booked as gross
sales (both Company
records)
- Total assets as
of July 31 stood at $446,959 (versus $48,351 as of April 30,
2020), representing an increase of
824% on a sequential quarterly basis and 2,200% annually
- Cash up
2,580% on a
sequential quarterly basis, and up over 6,700% annually
- Inventory
valued at $62,500 of July 31
- Accounts
receivable valued at $86,293 of July 31
"As anticipated in prior
releases, the turning point for GenTech, in terms of the
establishment of robust and accelerating growth, came with our
landmark acquisition of Sinister Labs, LLC, and
the
Sinfit Nutrition
brand, which
closed in June," commented David Lovatt, CEO of
GenTech.
"This is a strong and growing brand with a massive domestic and
international distribution footprint in the booming functional foods
market
space. Our
July quarter set multiple Company records. Our October quarter
is on pace
to handily set new ones."
Management notes that the
Company also announced a 43% increase in total
outstanding
GenTech
common shares
during the three months ended July 31, 2020, which represents
the overall equity cost of the Sinfit
acquisition.
However, the Company
urges shareholders
to view this information in context. This increase in total
outstanding shares is already being balanced by
sharp growth in cash, assets, sales, and the overall business
backed by that equity.
Lovatt continued, "We
understand concerns over dilution. It's natural to view an increase
in outstanding shares as a negative event. But acquisitions
aren't
free, and
growth comes at an upfront cost. When it works out, we
call it an
investment.
Our
current growth is
coming through an equity investment, rather than
one levied
in debt, which is ultimately
desirable. Note that, in simple terms, our total liabilities held
steady from April to July while our total assets grew by over 800%.
We anticipate this growth to continue and likely accelerate over
the coming twelve months. And we continue to
project a potential for over $3 million in sales in
2021, which
is simply an extrapolation from our current performance and recent
growth trend."
About GenTech
Holdings, Inc.
GenTech Holdings, Inc. is a
publicly traded company under the symbol
GTEH. The Company launched a high-end Coffee Subscription
service in early 2020 called Secret Javas and has recently closed
on its acquisition of Sinfit Nutrition, which offers
a range of high-end
Functional Foods.
Forward-Looking Statements
This press release
may contain forward-looking statements, including information about
management's view of GenTech, Inc.'s future expectations, plans and
prospects. In particular, when used in the preceding discussion,
the words "believes," "expects," "intends," "plans," "anticipates,"
or "may," and similar conditional expressions are intended to
identify forward-looking statements. Any statements made in this
news release other than those of historical fact, about an action,
event or development, are forward-looking statements. These
statements involve known and unknown risks, uncertainties and other
factors, which may cause the results of GenTech, its subsidiaries
and concepts to be materially different than those expressed or
implied in such statements. Unknown or unpredictable factors also
could have material adverse effects on GenTech's future results.
The forward-looking statements included in this press release are
made only as of the date hereof. GenTech cannot guarantee future
results, levels of activity, performance or achievements.
Accordingly, you should not place undue reliance on these
forward-looking statements. Finally, GenTech undertakes no
obligation to update these statements after the date of this
release, except as required by law, and also takes no obligation to
update or correct information prepared by third parties that are
not paid for by GenTech.
Corporate
Contact:
invest@gentech.group
www.gentechholdings.com