CEO Holds Firm for $10M in 2022 topline sales
WHEAT RIDGE, CO, Dec. 09, 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 provide provisional year-to-date financial performance data along with objectives for the year ahead.
Note: Figures presented below are unofficial and provisional and may be adjusted in future financial disclosures. The Company’s financial year-end is 10/31 and these are calendar year to date figures.
Provisional topline revenue numbers for the 11 months to November 30 show Gross Consolidated revenues from operations currently at $1.2 m at GenTech.
The American Metabolix, Inc., acquisition was a September 1st closing and accounted for c.$300k in its first three full months of operations at GenTech, translating to at least a $1.2m revenue brand on its own in the future.
Nature Soothie has sold out each production run to Sprouts and Whole Foods to date and SINFIT Nutrition’s plant-based bars are also factors that have lead to a hockey curve year with stronger revenues weighted towards the end of the year. With one month to go and revenues currently standing at $1.2m for the calendar year, the business expects a full calendar year revenue figure to top $1.35m, exceeding expectations and 400% up on 2020’s $250k revenue year.
David Lovatt, CEO of GenTech Holdings, commented, “These figures continue to show exceptional growth relative to 2020 revenues. At this time last year, we had consolidated year-to-date sales of around $190k. To be able to close out 2021 at the $1.3 million mark a year later would represent very impressive growth. With the latest revenue figures calculated and when we continue to extrapolate forward with all of our acquisitions accounted for, it is looking easily like $3.5 million in 2022. However, we anticipate a much more aggressive growth curve, based on the addition of Fizzique”
Fizzique, (www.drinkfizzique.com) a carbonated protein drink, recently was accepted and setup was completed on the VitaCost / Kroger Digital platform and, with production slated to start December 20th, sales of Fizzique will begin to show early in Q1 2022.
“Once Fizzique sales start to hit, we conservatively estimate it alone can bring in over $3.5 million in topline revenues next year, taking us to well over $7 million in 2022,” added Lovatt. “but my feeling is that Fizzique will do significantly more than that, as will the other brands, giving me the firm belief that we should be looking at $10m for 2022. And we haven’t even started talking about the STORM set of products yet.” (www.stormlifestyles.com)
GenTech Holdings, Inc. recently applied to FINRA for approval on a Change of Corporation Name to Supplement Group (USA), Inc. Management anticipates this will be granted and will become effective before the end of December 2021, accounting for a backlog of corporate actions that FINRA is currently dealing with. No change to the Ticker has been requested and no other corporate action, such as a stock split, has been applied for or is anticipated by management in the near term. The Company has committed to a further reduction in the Authorized Share Capital before the end of 2021.
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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