GenTech to Acquire High Growth Sports Nutrition Brand NxtBar as SINFIT Nurtition Roll-up Strategy Continues
Wheat Ridge, COLORADO, June 14, 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 excited to announce the Company’s acquisition of NXTBAR, LLC (“NxtBar”) (nxtbar.com), a leading natural foods company with strong and growing sales and a mission to reinvent clean, healthy snacking through its popular keto-friendly product line. The Company has signed an exclusive letter of intent to acquire NxtBar with an expected closing date of June 25th.
As part of the acquisition, the Company will begin the immediate implementation of numerous operational synergies, including a significant expansion of NxtBar’s sales footprint, including growth into GNC, Walmart.com, Amazon.com, TruNorth (Canada), and the Company’s extensive network of more than 2,000 other brick-and-mortar locations across the United States.
“We continue to execute on a successful, high-growth roll-up strategy in our SINFIT branded segment,” commented Leonard Armenta, President of GenTech & CEO of SINFIT Nutrition. “The NxtBar acquisition follows our acquisition of Yourganics last quarter, and we are working toward two further strategic moves that have strong implications for our twin goals of accelerating SINFIT revenue growth and diversifying our product offerings in the sports nutrition space.”
NxtBar has seen exceptional growth and demonstrated notable resilience through the pandemic, generating 200%+ YoY revenue growth and activating 2,000+ retailers since its inception. The Company anticipates further growth ahead as consumer discretionary spending benefits from a strengthening economic context and a notable trend toward healthy lifestyle products.
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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