GenTech Provides Mid-Quarter Performance Update Highlighting Breakout Topline Growth in Company's Fiscal Q2 Metrics
Wheat Ridge, Colorado--(Newsfile Corp. - April 1, 2021) - GenTech Holdings, Inc. (OTC Pink: GTEH) ("GenTech" or the "Company"), (www.gentechholdings.com) an emerging leader in the high-end Premium Coffee (www.secretjavas.com) and Functional Foods (www.sinfitnutrition.com) marketplaces, is pleased to provide current and prospective shareholders with a mid-quarter performance update as the Company moves toward the final month of its fiscal quarter ending April 30, 2021 (Fiscal Q2 2021).
David Lovatt, CEO of GenTech Holdings commented that "We are now seeing the hockey-stick curve we have been talking about month in month out. In this quarter, we have long surpassed last quarter's top line number with one of the best months in the year for Functional Food sales still ahead of us. More importantly, with a war chest of cash on hand, our acquisition strategy can now start to execute effectively. We have Yourganics and I anticipate more significant roll-ups in the coming weeks and months."
Note: Data presented below is unofficial and provisional and may be adjusted in future official financial reporting.
Provisional Financial Highlights for Fiscal Q2, 2021 (with one full month remaining in the quarter):
- Gross consolidated revenues currently at $110,628 after Feb and Mar monthly operations, which represents a monthly revenue run rate on pace to produce 89% sequential quarterly topline growth
- Present Accounts Receivable for SINFIT at $82,338 after Feb and Mar monthly operations, which approximately matches total from previous quarter
- SINFIT's cash-on-hand currently at $860,000 after Feb and Mar monthly operations, which represents growth of 293% on a sequential quarterly basis
Management believes SINFIT performance is poised for continued growth as tailwinds from increased marketing spend and improved operating conditions become active factors in defining the Company's operational landscape. This includes the impact of wide Covid-19 vaccinations and reduced pandemic impact in the operation of fitness facilities, which is believed to indirectly impact demand for SINFIT products.
Performance is also benefitting from successful event sponsorships and wider use of social media influencer-based marketing, and the resulting growth in brand visibility.
Lovatt Continued "We are beginning to see clear evidence surfacing in performance data to back up our sense of positive trends in our SINFIT operations from our boots-on-the-ground perspective. Our Q2 data is well on its way to casting a big shadow over our Q1 performance despite the fact that Q1 seemed like a breakout quarter in and of itself. Momentum is beginning to gain traction. On a year-over-year basis, we are already showing growth of more than 600% on the topline and we still have another month to go in the quarter."
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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