GenTech Sharply Reduces Authorized Shares
by 80%, Floating Shares by 50%
NEW YORK, NY -- May 16, 2019 --
InvestorsHub NewsWire -- GenTech Holdings, Inc.
(OTCMKTS:
GTEH)
("GenTech" or the "Company"), an
emerging leader in the CBD marketplace, is pleased to
announce
that the Company
has undertaken a significant reduction in total
authorized, outstanding, and floating
shares.
"As we navigate our pivot into
the branded CBD marketplace, we recognize that our priority must be
on proving our commitment to a shareholder-friendly market identity
and to rewarding our loyal shareholders," commented David
Lovatt, CEO of GenTech. "Growth and shareholder value
go hand in hand. And actions speak louder than words."
The total number of issued and
outstanding common shares
has been decreased
by 36,206,896 shares, which were returned to
treasury on May 14. This has taken the total issued and outstanding
share total down to 385,563,721 shares and dropped the trading
float share total down to just 35,546,101 shares, representing a 50.5%
reduction in float.
In addition, the total number
of authorized shares is also being reduced by 80% from
25
billion shares to 5
billion shares.
The Company also notes that
it will be
retiring more common shares over coming weeks through a
conversion process following the establishment
of a new
class of preferred shares designed to function as an employee
incentivization resource.
"We are eager to reduce the
authorized share total by even more, but we want to leave
ourselves a
sufficient cushion to act on promising
M&A opportunities capable of driving shareholder value," continued
Mr. Lovatt. "In addition, I
strongly believe in surrounding myself with the
most talented team I can find. To help reward our current talent
and attract new stars to our management team, we are establishing a
preferred share series that will convert based on the achievement of
key milestones. I will begin to convert my
own common stock holdings over coming weeks to further reduce the issued and
outstanding share total."
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. All of this is offered under the brand 'The Healthy
Leaf'.
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
Press &
Media Inquiries:
EHC Branding Agency
Info@EHCBrandingAgency.Com
(626) MJ-BRAND