GenTech Announces Performance Data for Three Months Ended July 31: Over $300K in New Purchase Orders, 824% Growth in Assets
New York, New York--(Newsfile Corp. - September 17, 2020) - 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.
- 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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64021