GenTech Announces Settlement of $1M+ Judgement for $50K Payment, Removing a Third of Current Liabilities from Balance Sheet for Minor Cash Deployment
New York, New York--(Newsfile Corp. - March 30, 2021) - 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 that the Company has settled an outstanding judgement of $1.09 million from 2017 for a $50,000 payment.
"This is a tremendous result that bears directly upon our ability to foster growth given current resources," noted David Lovatt, CEO of GenTech. "We consider this a strong victory for GenTech and for our shareholders. The original judgement has been reported on our balance sheet as a liability valued at more than a million dollars. To see this settled and completely and definitively out of the picture for just 5% of that amount is a huge win for the Company, and one that is well deserved given the associated details."
The Company has already made the settlement payment, and the plaintiffs in the case now agree to "cause all third parties to, immediately cease, desist and forbear from enforcing or attempting to enforce or collect upon the Judgment and the Sister State Judgment (including without limitation by seeking, making, or implementing any orders, demands, levies, seizures, judgment liens, security interests, garnishments or other collections efforts)."
Management notes that this result allows the Company to reduce its Current Liabilities by over 30% for a deployment of cash that is less than 1/20th of the amount that appeared due given its recent financial reporting.
Lovatt added, "Given the increasing momentum we have seen in our SINFIT subsidiary over the past three months, getting this liability off the books could have significant implications for our ability to finance future high-ROI investments in brand growth and upgraded market positioning."
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.
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