Ticker Symbol to remain as “GTEH”
WHEAT RIDGE, CO, Oct. 19, 2021 (GLOBE NEWSWIRE) -- GenTech Holdings, Inc. (OTC PINK: GTEH) ("GenTech" or the "Company") (www.gentechholdings.com), an emerging leader in the Functional Foods (www.sinfitnutrition.com) and Nutritional Supplements (www.americanmetabolix.com) marketplaces, is pleased to announce that it has recently applied to FINRA to change the Company’s name to Supplement Group (USA), Inc. (www.supplementgrp.com) whilst leaving the symbol as “GTEH”.
“We are in the functional food a nutritional supplement business and I think it’s time we aligned our corporate branding accordingly” stated David Lovatt, CEO of GenTech “and as such the name Supplement Group, which we have been using throughout 2021 with another business we own, has been co-opted into GenTech as a replacement. It fits perfectly, and it tells investors and interested parties from the get-go who we are and what we do. It’s a simple name change though, nothing more. No corporate restructure, and we have no plans for a stock split any time soon. The ‘GTEH’ ticker runs strong through the company and its shareholders, so we have opted to leave that intact.”
The Company recently announced not only a major retailer as a new Fizzique (www.drinkfizzique.com) partner, but also that it had achieved record September topline revenue figures. Provisional numbers for September 2021 show Gross Consolidated Revenues currently at $217k from September’s operations, which represents an annual revenue run rate on pace to produce $2.6m. (Note: Data is unofficial and provisional and may be adjusted in future official financial reporting).
GenTech management believes both of its operating subsidiary’s performance is poised for continued growth as tailwinds from increased marketing spend and improved operating conditions become active factors in defining the Company’s operational landscape. This includes the impact of wide Covid-19 vaccinations and reduced pandemic impact in the operation of fitness and ‘brick and mortar’ facilities, which is believed to indirectly impact demand for the Company’s products. As world trade begins to operate with a new normal, key inventory items such as bottles, bottle lids and protein will begin to become more easily available, leading to increased revenues as inventory becomes more available through 2022.
About GenTech Holdings, Inc.
GenTech Holdings, Inc. 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.
EDM Media, LLC