- Oops!Something went wrong.Please try again later.
CEO outlines potential for $10M in 2022 topline sales
WHEAT RIDGE, CO, Oct. 25, 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.
Provisional topline revenue numbers for the nine months to September 30 show Gross Consolidated Revenues from operations currently at $745,900. American Metabolix, Inc., a recent acquisition, accounted for $108,000 in its first full month of operations. When accounting for this additional revenue stream over the remaining months of 2021, management sees full-year revenues at approximately $1.3 million based on the current revenue run rate across all segments and subsidiaries.
David Lovatt, CEO of GenTech Holdings, commented, “These figures show exceptional growth relative to 2020 performance data. At this time last year, we had consolidated year-to-date sales of $181,000. To close out at the $1.3 million mark a year later would represent very impressive growth. If we continue to extrapolate forward, with all of our acquisitions accounted for, one can make a conservative case for over $2.6 million in 2022. However, we anticipate a much more aggressive growth curve, based on recent performance, and we are now just beginning to drive our most promising brands into much larger market opportunities.”
Lovatt further commented on ongoing supply chain issues as well as the Company’s new offering for 2022, “Fizzique” (www.drinkfizzique.com): “We are not yet hitting our full potential as we see supply chain issues slowing down inventory supply for NxtBar (www.nxtbar.com) and NatureSoothie (www.naturesoothie.com), as well as Fizzique (www.drinkfizzique.com) not yet being available to end market consumers. If you add in a full inventory for NxtBar and Nature Soothie, our 2022 revenue outlook jumps to over $3.5 million.”
“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. “If we also include second derivative effects, the growth curve across all product lines drives that projection above $10 million, which would represent a material qualitative step in our commercial development as a Company.”
Management believes both of its operating subsidiaries are 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 outlook incorporates widespread Covid-19 vaccinations in core target markets, reducing the impact of pandemic factors in the operation of fitness facilities and ‘brick and mortar’ retail locations, which is believed to directly impact the demand for the Company’s products. In addition, as global logistics begin to normalize over coming quarters, key inventory items such as bottles, bottle lids, and protein will become increasingly accessible, reducing logistical barriers to achieving full-potential sales next year.
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 November 2021. 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.
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.
EDM Media, LLC