GenTech’s SINFIT Nutrition Ships Initial Order to the Middle East
DENVER, CO, September 16, 2020 (GLOBE NEWSWIRE) — via OTC PR WIRE — GenTech Holdings, Inc. (OTCMKTS: GTEH) (“GenTech” or the “Company”) (www.gentechholdings.com) , a Holding Company in the high-end Premium Coffee and Functional Foods marketplaces for Secret Javas (www.secretjavas.com) Inc. & SINFIT Nutrition, Inc., www.sinfitnutrition.com) is pleased to announce that SINFIT Nutrition has completed its first shipment of product to the United Arab Emirates.
In a region that is expected to be worth in excess of $500 million in functional foods by 2023, SINFIT is taking establishing itself as a key player there seriously and is negotiating an exclusive contract worth over $1m in sales per year in minimum order guarantees. This first order shipped has a retail price of over $100,000, we expect follow up shipments through 2020 and well into 2021.
CEO of SINFIT Nutrition, Leonard K Armenta Jr., recently commented that “we see ourselves as becoming the household name in this region in 2021 and the partners that we establish now will not only be with us for the long term, but are willing to commit to serious numbers as they know this is a territory ripe for a massive growth in sales over the next three years.”
SINFIT branded products registered over $2.5 million in global sales in 2019, and are now approved for sale and available for purchase on the Walmart.com and Amazon.com e-commerce platforms as well as in over 2,500 GNC locations in North America, True North Nutrition in Canada and in over 10,000 global physical and e-commerce stores across more than 10 countries around the world.
SINFIT products are extremely well-positioned relative to its market peers and to the long-term macro tailwind defining the functional foods market, which saw sales top $267 billion in February of this year on a global basis, with sales in the US reaching $63 billion, according to Euromonitor 2020. This trend is part of a larger supportive momentum in the general category, with global sales of organic food and drink topping $105 billion in 2018 (Ecovia 2019). U.S. organic food sales also reached $47.9 billion, up 5.9% in 2018 (OTA 2019). In 2019, 77% of U.S. adults used dietary supplements, an all-time high (CRN 2019). U.S. supplement sales are estimated to have reached $49.3 billion in 2019, up 6.2% (NBJ 2019).
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.
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