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GenTech Launches First New Sinfit Product Line, Anticipates $1.5M Sales Boost from New Product Launches
June 16, 2020 8:30 AM EDT | Source: GenTech Holdings Inc.
New York, New York--(Newsfile Corp. - June 16, 2020) - GenTech Holdings, Inc. (OTC PINK: GTEH) ("GenTech" or the "Company"), an emerging leader in the high-end Premium Subscription Coffee and Functional Foods marketplace, is excited to announce that the Company is commencing the roll-out of a series of new products related to its recent acquisition of the assets of Sinister Labs, LLC, primarily its popular Sinfit Nutrition brand (Sinfitnutrition.com) ("Sinfit"), a top-5 functional food brand currently sold in over 2,500 GNC locations in North America and over 10,000 global physical and e-commerce stores across more than 10 countries around the world.
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All R&D investment had already been completed for these new products, and manufacturing relationships were already established, but the launch process had been put on hold during the acquisition. Now that the acquisition has closed, GenTech is ready to commence distribution and sales activity for these new products.
The first new product launch is a new line of Sinfit Nutrition Pancakes.
"Now that we have closed the transaction, we are ramping the first phase of our strategic plan, which is centered around maximizing sales through Sinfit's established distribution footprint," remarked David Lovatt, CEO of GenTech. "That process is based on sales outreach and vertical expansion within each end-market access point. The fixed cost investments for these products have already been made. We simply have to capitalize on that value creation. The Sinfit Nutrition Buttermilk Blaze pancakes are a perfect way to launch that process."
Management notes that a primary point of value inherent in its Sinfit acquisition was the broad and well-established distribution network, including its relationship with Europa Sports, the largest sports nutrition distributor in the US, and True North Distributors, one of Canada's largest distributors of supplies and products. That represents a significant channel with immediate growth potential in terms of new products, both previously developed by Sinfit and being developed by GenTech.
The Sinfit Nutrition Buttermilk Blaze pancake product line is a strong addition to its functional food line. This new product is an expansion of the existing range of pancake products offered under the Sinfit brand. Sinfit pancakes brought in over $800K in sales in 2019. Functional food, defined as conventional and modified foods that include additional health benefits beyond basic nutrition, saw sales top $267 billion in February of this year on a global basis, with sales in the US reaching $63 billion, according to Euromonitor 2020.
Lovatt continued, "We are predicting that this new set of Sinfit products, in total, including the other new product lines yet to be announced after today, will add over $1.5 million in total revenues to the top line in 2021. We will start to see these products impact GenTech sales data in 2020, with new products available for purchase within the next six weeks."
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, a range of high-end Function 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.
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