Wheat Ridge, Colorado , Oct. 27, 2021 (GLOBE NEWSWIRE) -- GenTech Holdings, Inc. (OTC Pink: GTEH) (“GenTech” or the “Company”), (a/k/a Supplement Group (USA) Inc.) (www.gentechholdings.com) an emerging leader in the Functional Foods (www.sinfit.com) and Nutritional Supplement (www.americanmetabolix.com) marketplaces, is pleased to announce that the Authorized Share Capital of the Company has been reduced by 18% effective as of today’s date as well as work commencing on share buyback initiative.
GenTech has an effective Reg A with a capital raise limit set at 40bn shares, but management states that they can hit their capital raise targets with a significant reduction in the Authorized Share Capital and have reduced the amount of shares available for further dilution of shareholders. Effective today, the Authorized Share Capital is now listed as 33bn shares, signaling an end to significant further dilution as management lays out a plan to further reduce the Authorized Share Capital in December 2021 and begins work on a share buyback initiative.
The Company will also begin a Share Buy Back Initiative with the Board initially authorizing the re-purchase of a maximum of 1bn shares of the Company’s common stock to be reviewed at the end of December 2021, based on results. The stock repurchase program, which starts on December 1st and ends Dec 31st, 2021, allows the company to repurchase its shares from time to time in the open market as well as in negotiated transactions.
David Lovatt, CEO of GenTech Holdings commented that “We have had an incredible growth year and that is fueled exclusively through the Reg A that we have had in effect since June 2021. We have had zero reliance on toxic funders and have reduced the debt on our balance sheet by well over $2m in 2021. Our expectations are being exceeded for retail interest, but with that success comes significant additional costs for placement in the stores to drive consumer uptake of the products. We now feel comfortable in capping out our funding raise abilities, but be clear, we will take further action in December to reduce the authorized share capital further, once we are able to judge the success of any share buyback transaction that occurs. 33bn is not the final number, a further reduction will be made at the end of the year.”
GenTech Holdings, Inc. recently applied to FINRA for approval on a Change of Corporation Name to Supplement Group (USA), Inc. which management anticipate will be granted and effective before the end of November 2021. No change to the Ticker has been requested and no other corporation action, such as a stock split, has been applied for or is anticipated by management in the near term.
There is no guarantee as to the number of shares that will be repurchased, and the repurchase initiative may be extended, suspended or discontinued at any time without prior notice at the Company’s discretion.
About GenTech Holdings, Inc.
GenTech Holdings, Inc. (a/k/a Supplement Group (USA) Inc., www.supplementgrp.com) is a publicly traded company under the symbol GTEH. The Company owns and operates leading functional foods brand, SINFIT Nutrition, which offers a range of high-end Functional Foods as well as American Metabolix, Inc. which provides a diverse range of Nutritional Supplements through its brands American Metabolix, Storm Lifestyles and Core Natural Sciences.
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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