Wheat Ridge, COLORADO, June 24, 2021 (GLOBE NEWSWIRE) – via OTC PR WIRE – GenTech Holdings, Inc. (OTCMKTS: GTEH) (“GenTech” or the “Company”) (www.gentechholdings.com), an emerging leader in the high-end Premium Coffee (www.secretjavas.com) and Functional Foods (www.sinfitnutrition.com) marketplaces, is pleased to announce the closing of the Company’s acquisition of NXTBAR, LLC (“NxtBar”) (nxtbar.com), a leading natural foods company with strong and growing sales, a popular keto-friendly product line, and a large distribution footprint that includes GNC, Walmart.com, Amazon.com, TruNorth (Canada), and an extensive network of more than 2,000 brick-and-mortar locations across the United States.
“NxtBar provides an excellent complementary piece to our roll-up puzzle, with a strong product portfolio, a wide distribution footprint, and demonstrable revenue and brand growth momentum already in place,” noted Leonard Armenta, President of GenTech & CEO of SINFIT Nutrition.
The Company reported last week that it had signed an exclusive letter of intent to acquire NxtBar. An initial expected closing date of June 25th was set. The Company is pleased to report that this process was completed faster than anticipated, and the acquisition is now closed and final.
As noted in prior Company communications, NxtBar was able to generate substantial YoY revenue growth and activating 2,000+ retailers since its inception despite the challenging retail environment characterizing the past 15 months due to the global pandemic health crisis.
Richard Lindeman, the Founder of NxtBar, stated “NxtBar is one of the fastest growing ecommerce and retail CPG brands, and GenTech is the perfect partner to continue widespread distribution of the products and to further accelerate our revenue growth. Since beginning conversations with GenTech several months ago, we’ve been deeply impressed with their operational capabilities and robust distribution network. The entire NxtBar team is excited to see how they continue to grow the brand.”
Armenta added, “We gain a revenue-producing brand, substantial ready-to-sell inventory, and an excellent channel through which to interface with an active end-market. That stands to add significant value to our existing brands and as well as brands we are working to acquire in the future.”
NxtBar products are low-sugar, low-carb, keto-friendly, paleo-friendly, non-GMO, and gluten-free, containing less than 2g of sugar per serving. The bars come in eight (8) delicious flavors, including Chocolate Peanut Butter, Chocolate Coconut, Cookie Dough, Lemon Pound Cake, Vanilla Almond Butter, Cookies and Cream, Oatmeal Chocolate Chip, and Banana Nut Bread.
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.
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