GenTech Posts Annual Report Featuring Breakout Growth in Cash, Sales Activity, Gross Profits, and Total Assets
NEW YORK, February 1, 2021 (GLOBE NEWSWIRE) – via OTC PR WIRE – GenTech Holdings, Inc. (OTCMKTS: GTEH) (“GenTech” or the “Company”), an emerging leader in the high-end Premium Coffee and Functional Foods marketplaces, is pleased to announce the publication of its Annual Report for the twelve months ended October 31, 2020, including strong growth in Cash, Inventory, Accounts Receivable, Revenues, and Gross Profits.
“This was a formative year for GenTech because it included our defining SINFIT acquisition, which has delivered as promised despite the extreme macro headwinds of a major global pandemic health crisis and its associated deep economic recession,” commented SINFIT brands CEO, Leonard K. Armenta Jr. “We posted a turnaround and breakout in every important financial performance statistic for the year, and almost all of that performance came in the back half of the year following the acquisition and on growing momentum through the final month of the year, suggesting that the next year will be rich with new Company records.”
Booked revenues for the year topped the quarter million level and grew at over 1,500% in the second half of the fiscal year versus the first half on a sequential basis. The Company also closed the period carrying nearly $120K in accounts receivable, which means total sales activity came in at an annualized pace of nearly $750K since completing the SINFIT acquisition in June 2020.
Management believes this run rate has been significantly impacted by the economic environment and anticipates strong growth in total sales activity as the operating environment normalizes this year.
Cash and cash equivalents also ramped dramatically for the period. Total Assets increased over 4,800% on a year-over-year basis, while Total Liabilities remained roughly unchanged over the same period.
Armenta Jr added, “It’s difficult to even find the words to describe how proud I am of our team – facing such adversity and still finding a way to drive strong results. We have established a presence defined by market leading sports nutrition products, a strong and growing distribution footprint, and a brand identity that has started to gain breakout momentum in terms of visibility with our target market. As these pieces increasingly come together, we look forward to executing on a strong growth curve in the months and quarters ahead.”
About GenTech Holdings, Inc.
GenTech Holdings, Inc. is a publicly traded company under the symbol GTEH. The Company launched a high-end Coffee Subscription service in early 2020 called Secret Javas and has recently closed on its acquisition of SINFIT Nutrition, which offers a range of high-end Functional Foods.
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.