GenTech Acquiring Leading High Protein Foods Brand with Global Distribution to Integrate with Its Gourmet Coffee Brand
May 07 2020 - 7:00AM
InvestorsHub NewsWire
GenTech Acquiring
Leading High
Protein Foods Brand with Global Distribution to Integrate with Its
Gourmet Coffee Brand
NEW YORK, NY
-- May
07,
2020
-- InvestorsHub
NewsWire -- GenTech Holdings, Inc. (OTC PINK:
GTEH) ("GenTech" or the "Company"), an
emerging leader in the high-end food and drinks marketplace,
is
excited to announce
that the Company is in the process of acquiring all of the assets,
including inventory, revenues,
goodwill, intellectual property, trade
secrets, and
trading relationships of this top-5 functional food brand
currently
sold in GNC stores, distributed by
Europa Sports
and available in more than 10 countries
worldwide.
The Purchase Agreement (the
"Agreement") represents a comprehensive asset acquisition
in a cash
deal. Further details of the
transaction are under embargo until Thursday 11th June where full details will be
released although the Company intends to update the market as
further details are available.
The products of the acquisition
target produce are widely available across North America
and
are
being
distributed domestically to over 10,000
stores and websites of one of the largest supplemental
distributors in the world.
The acquisition target produced
over 2.2 million in revenues in 2019.
"This acquisition
has
a tremendous
synergistic element that enhances our
current business model
right now, with
substantial revenues and a brand that vertically integrates
perfectly
in the GenTech
model," commented David Lovatt, CEO of GenTech.
"Their
CEO is a
rock star in the space who has built something here with
huge potential. It perfectly complements with our identity as a
high-end, gourmet brand
model."
The products that GenTech
are
acquiring are in the high protein
caffeinated
&
non-caffeinated functional food arena and have consistently received
industry leading reviews and feedback. Shareholders will be updated
as the embargo is lifted.
Lovatt continued,
"Since
the outbreak
of Covid-19, their business
has done a great
job of maintaining market positioning
and brand momentum. Most of the business
has been converted
to an online model, which is driving
a
jump
in Amazon and
Direct to Consumer sales of their products. We feel this
seamless transition
to online/direct sales is likely to be a sticky result
and represents the wave of the
future."
About
GenTech Holdings, Inc.:
GenTech Holdings, Inc. is a publicly traded company under the
symbol GTEH. The company is creating a national chain of Hemp
Centric Coffee Shop Retail Spaces where patrons can relax, drink
CBD infused Teas and Coffees, try various own-brand products and
experience holistic education and classes. The company
is also building an extensive outreach program working with medical
practitioners across the country in their own locations to educate
their patients and increase awareness of the benefits of THC
free CBD
Products.
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
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