NEW YORK, June 24, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE — 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.
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.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.
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’.
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.
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