New York, New York--(Newsfile Corp. - May 7, 2020) - GenTech Holdings, Inc. (OTC Pink: GTEH) ("GenTech" or the "Company"), an emerging leader in the high-end food and drinks marketplace, is excited to announce that the Company is in the process of acquiring all of the assets, including inventory, revenues, goodwill, intellectual property, trade secrets, and trading relationships of this top-5 functional food brand currently sold in GNC stores, distributed by Europa Sports and available in more than 10 countries worldwide.
The Purchase Agreement (the "Agreement") represents a comprehensive asset acquisition in a cash deal. Further details of the transaction are under embargo until Thursday 11th June where full details will be released although the Company intends to update the market as further details are available.
The products of the acquisition target produce are widely available across North America and are being distributed domestically to over 10,000 stores and websites of one of the largest supplemental distributors in the world.
The acquisition target produced over 2.2 million in revenues in 2019.
"This acquisition has a tremendous synergistic element that enhances our current business model right now, with substantial revenues and a brand that vertically integrates perfectly in the GenTech model," commented David Lovatt, CEO of GenTech. "Their CEO is a rock star in the space who has built something here with huge potential. It perfectly complements with our identity as a high-end, gourmet brand model."
The products that GenTech are acquiring are in the high protein caffeinated & non-caffeinated functional food arena and have consistently received industry leading reviews and feedback. Shareholders will be updated as the embargo is lifted.
Lovatt continued, "Since the outbreak of Covid-19, their business has done a great job of maintaining market positioning and brand momentum. Most of the business has been converted to an online model, which is driving a jump in Amazon and Direct to Consumer sales of their products. We feel this seamless transition to online/direct sales is likely to be a sticky result and represents the wave of the future."
About GenTech Holdings, Inc.:
GenTech Holdings, Inc. is a publicly traded company under the symbol GTEH. The company is creating a national chain of Hemp Centric Coffee Shop Retail Spaces where patrons can relax, drink CBD infused Teas and Coffees, try various own-brand products and experience holistic education and classes. The company is also building an extensive outreach program working with medical practitioners across the country in their own locations to educate their patients and increase awareness of the benefits of THC free CBD Products.
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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