GenTech Issues Update on Streamlined Share Structure, Upcoming Grand Opening of First CBD-Infusion Café
June 24 2019 - 10:18AM
InvestorsHub NewsWire
GenTech Issues Update on
Streamlined Share Structure, Upcoming Grand Opening of First
CBD-Infusion Café
NEW YORK, NY -- June 24, 2019
-- InvestorsHub NewsWire -- GenTech Holdings, Inc. (OTCMKTS:
GTEH) ("GenTech" or the "Company"), an
emerging leader in the high-end CBD food and drinks marketplace,
is pleased
to provide shareholders with an update on share structure and the
Company's path toward the Grand Opening of its inaugural Healthy
Leaf CBD-Infusion Café.
Share
Structure. The Company is proud to report
that its sharp reduction in authorized, outstanding, and floating
shares, previously announced on May 16, 2019, is now official and
in effect, and the Company plans to move toward additional share
structure reduction.
Specifically,
the total
number of issued and outstanding common shares was decreased by 36,206,896 shares
to 385,563,721 shares, which also reduced
the trading
float to 35,546,101 shares – a 50.5% reduction.
In addition,
the Company reduced authorized shares by
80%, from 25
billion shares to 5 billion shares. The Company also plans to
further reduce share structure over the near-term.
Path to Healthy Leaf Grand Opening. The Company has now signed and
executed its lease for the trendy downtown Montclair, NJ location
that will house its inaugural Healthy Leaf CBD-Infusion Café. This
includes the full disbursement of the initial $26K payment required
to take possession of the property. The Company will release more
information about the exact timing of the move-in shortly, but
management expects the process to be rapid.
The project of designing and reconfiguring
the space is already underway. The Company's contracted interior
and exterior designer anticipates drafting to begin within the next
14 days, with build-out expected to commence in
mid-July.
Management further notes that
it expects a contract with a premium coffee supplier
to be signed
next week,
and one with a premium tea supplier to be signed within 2
weeks. A chocolate raw product supplier
out of Columbia has already been selected, and
a binding contract is currently
being drawn
up.
The Company is also
currently in advanced negotiations with a market-leading CBD
infusion partner. More details will be released very
soon.
David Lovatt, CEO of GenTech, commented, "We are very happy
to report the dramatic streamlining of the cap table, and to
provide shareholders with our absolute commitment to a
shareholder-friendly regime now that we have so many critical
pieces in place. Effective financing
of operations
should never include abusing the long-term best
interests of shareholders and the wider capital markets. This is a
view we hold to our core. We are also very excited about the final
sprint we have ahead of us to our Healthy Leaf Grand Opening
celebration. We will keep you informed every step of the way."
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
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