NEW YORK, Sept. 15, 2021 (GLOBE NEWSWIRE) — GenTech Holdings, Inc. (OTC Pink: GTEH) (“GenTech” or the “Company”), an emerging leader in the Functional Foods and Nutritional Supplement marketplaces, is pleased to announce the publication of its Quarterly Report for the three months ended July 31, 2020, including strong growth in Cash, Inventory, Accounts Receivable, Revenues, and Gross Profits as well as a marked decrease in balance sheet liabilities.
Booked revenues for the quarter topped $230k and grew at over 400% on the quarter one year previous. Revenues for calendar year 2021 now exceed $425k. Revenues from the acquisitions NXTBar, MBP Snacks and Nature Soothie only partially hit the P&L this reported quarter and are expected to make a large positive impact on subsequent quarters, as will the acquisition of American Metabolix, Inc.
“This was a critical quarter for GenTech’s SINFIT Nutrition, Inc. even though only 50% of the quarterly consolidated financials included the NXTBar and MPB Snacks brand acquisitions. Despite the continuing macro-economic headwinds of the major global pandemic health crisis and its associated inventory challenges, we have managed quarter on quarter growth again,” Commented CEO, David Lovatt. “We posted increased growth and now with our latest acquisition into GenTech of American Metabolix, Inc., we are on track to start delivering $500,000 quarters going forward. Moreover, 2022 will bring Fizzique revenues, which we are expecting to be around $3-$5m.
A full breakdown of the company’s performance can be downloaded here: https://www.gentechholdings.com/?attachment_id=246434
Leonard K. Armenta Jr. commented that, “despite a small set back in Q4 2020 and Q1 2021 where inventory was tough to find, we are now fully stocked at SINFIT and on track to grow 20% quarter on quarter in that brand alone. For American Metabolix, we have an excellent inventory pipeline, as we do on MPB. NXTBar is starting to become easier to build a solid inventory pipeline for as is Nature Soothie. With production of the Fizzique product expected at the end of 2021, we are firing on all cylinders here at GenTech.”
Cash and cash equivalents also ramped dramatically for the period. Total Assets also increased over previous quarters, coming mostly from $1m in inventory for the brands, while liabilities dropped 30% quarter on quarter from $3m to $2m.
About GenTech Holdings, Inc.
GenTech Holdings, Inc. is a publicly traded company under the symbol GTEH. The Company owns several brands that are active in the functional food and nutritional supplement industries.
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.