GenTech Posts
Annual Report Featuring Breakout Growth in Cash, Sales Activity,
Gross Profits, and Total Assets
NEW YORK, NY --
February 1, 2021 -- InvestorsHub NewsWire
-- 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 the
publication of its Annual Report for the twelve months ended
October 31, 2020, including strong growth in Cash, Inventory,
Accounts Receivable, Revenues, and Gross Profits.
"This was a formative year for
GenTech because it included our defining SINFIT acquisition, which
has delivered as promised despite the extreme macro headwinds of a
major global pandemic health crisis and its associated deep
economic recession," commented SINFIT brands CEO, Leonard K.
Armenta Jr. "We posted a turnaround and
breakout in every important financial performance statistic for the
year, and almost all of that performance came in the back half of
the year following the acquisition and on growing momentum through
the final month of the year, suggesting that the next year will be
rich with new Company records."
Booked revenues for the year topped
the quarter million level and grew at over 1,500% in the second
half of the fiscal year versus the first half on a sequential
basis. The Company also closed the period
carrying nearly
$120K in accounts receivable, which means total sales activity came
in at an annualized pace of nearly $750K since completing the
SINFIT acquisition in June 2020.
Management believes this run
rate has been significantly impacted by the economic environment
and anticipates strong growth in total sales activity as the
operating environment normalizes this year.
Cash and cash equivalents also
ramped dramatically for the
period. Total Assets increased over
4,800% on a year-over-year basis, while Total Liabilities remained
roughly unchanged over the same period.
Armenta Jr added,
"It's
difficult to even find the words to describe how proud I am of our
team – facing such adversity and still finding a way to drive
strong results. We have established a presence
defined by market leading sports nutrition products, a strong and
growing distribution footprint, and a brand identity that has
started to gain breakout momentum in terms of visibility with our
target market. As these pieces increasingly come together, we
look forward to executing on a strong growth curve in the months
and quarters ahead."
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.
Forward-Looking Statements
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.
Corporate
Contact:
invest@gentech.group
www.gentechholdings.com
