GenTech Acquires SinFit Nutrition, Leading GNC Functional Foods Brand with $2.2M in Revenues
New York, New York--(Newsfile Corp. - June 10, 2020) - GenTech Holdings, Inc. (OTC Pink: GTEH) ("GenTech" or the "Company"), an emerging leader in the high-end Premium CBD Coffee and Functional Foods marketplace, is excited to announce that the Company has now acquired all of the assets, including inventory, revenues, goodwill, intellectual property, trade secrets, and trading relationships, of Sinister Labs, LLC, and 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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"Sinfit Nutrition isn't just a top brand with a strong global sales track record," commented David Lovatt, CEO of GenTech. "It's also a prime distribution footprint that overlaps with our Secret Javas product line with exceptional synergy in terms of end market definition. We hope our shareholders can see what we acquired here: Strong and growing revenues. Thousands of stores and e-commerce sales channel relationships for Sinfit products as well as current and future Secret Javas products. And a strong built-in relationship with the largest sports nutrition and supplement distributors in North America. In addition, we have already assembled a top sales team with over 20 years' experience in the sports nutrition and supplement market to drive expansion looking ahead."
Management notes that Sinfit is currently distributed by Europa Sports, the largest sports nutrition distributor in the US. The brand also just signed on with True North Distributors, one of Canada's largest distributors of supplies and products. Sinfit logged $2.2 million in 2019 revenues through sales of products across more than 10,000 sales channels globally, including both physical stores and e-commerce storefronts.
In addition, management is particularly excited about the opportunity this acquisition affords for dramatically expanding its sales footprint for its Secret Javas product line, which the Company plans to expand into the Ready-to-Drink marketplace. The Company believes it will be able to capitalize on the breadth of relationships established for Sinfit products to widen distribution for Secret Javas products.
Sinfit offers a range of protein-rich performance foods, including spreads, bars, and powders. To fuel further growth in sales of Sinfit Nutrition products, GenTech has already put together a top sports nutrition sales team with over 20 years' experience in the industry, including strong experience dealing with the international sports nutrition marketplace.
The acquisition transaction is now officially closed.
Lovatt continued, "Now that we have completed this strategic move, one of the steps I am most excited about is the upcoming launch of an additional product line that is part of this acquisition and that carries with it an existing successful brand identity. We look forward to providing further details very soon. We are committed to launching this new line of products within the next four 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 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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