GenTech Increases Sales Channels of Leading High Protein Foods Brand It Is Acquiring with over +$2m Revenues in 2019 Inclusive of Their Products Already Being Sold at GNC
New York, New York--(Newsfile Corp. - May 27, 2020) - GenTech Holdings, Inc. (OTC Pink: GTEH) ("GenTech" or the "Company"), an emerging leader in the high-end food and drinks marketplace, announces that the Company has started aggressively working sales channels for all of the food line items it is acquiring.
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GenTech Recently announced that it was 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 acquisition target produced over $2.2 million in revenues in 2019.
The Purchase Agreement (the "Agreement") represents a comprehensive asset acquisition for primarily cash with an equity component. Further details of the transaction are under embargo until early June, where full details will be released. Although the Company intends to update the market as further details are available prior to the pending closing.
"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 growth model," commented David Lovatt, CEO of GenTech. "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 huge jump in Amazon and Direct to Consumer sales of their products. And we are now actively engaging our sales team in acquiring orders from physical store locations again."
The products 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 product lines that GenTech are acquiring, which have consistently received industry leading reviews and feedback; range from caffeinated flavored spreads, protein infused cookies, powders, bars, pancakes, sugar-free syrups and more.
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 is now making acquisitions to support the further growth of the company.
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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