Business
GenTech Holdings, Inc. to Change Name to Supplement Group (USA) Inc. as its Acquisition Strategy Shows Incredible Revenue Growth
GenTech Holdings, Inc. to Change Name to Supplement Group (USA) Inc. as its Acquisition Strategy Shows Incredible Revenue Growth.
About this update from Gentech Holdings Inc.
[{"type":"text","content":"\n 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 t...