GenTech Announces Share Buyback Initiative & Reduces Authorized Share Capital
Wheat Ridge, COLORADO, Dec. 31, 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 a further 8% effective as of today’s date.
GenTech has an effective Reg A with a capital raise limit set at 40bn shares, but management states that they can achieve their capital needs 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 30.5bn shares, signaling an end to significant further dilution as management achieves its plan of reducing the Authorized Share Capital by nearly 25%.
David Lovatt, CEO of GenTech Holdings commented that “even right to the end of 2021 we are working diligently by getting the Fizzique ( www.drinkfizzique.com ) production under way, by reducing yet further, and as promised, the authorized share capital and by finding alternative ways to fund business operations other than the issuance of equity.”
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 January 2022. FINRA currently has a backlog of cases they are working on and reviewing. 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.
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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