GenTech Announces
Settlement of $1M+ Judgement for $50K Payment,
Removing a Third of Current Liabilities from Balance Sheet for
Minor Cash Deployment
NEW YORK, NY -- March 30, 2021 -- InvestorsHub
NewsWire -- GenTech Holdings, Inc. (OTC
PINK: GTEH) ("GenTech" or the "Company"), an emerging leader in
the high-end Premium Coffee and Functional Foods marketplaces, is
pleased to announce that the Company has settled an outstanding
judgement of $1.09 million from 2017 for a $50,000
payment.
"This is a tremendous result that bears directly
upon our ability to foster growth given current resources," noted
David Lovatt, CEO of GenTech. "We consider this a strong victory
for GenTech and for our shareholders. The original judgement has
been reported on our balance sheet as a liability valued at more
than a million dollars. To see this settled and completely and
definitively out of the picture for just 5% of that amount is a
huge win for the Company, and one that is well deserved given the
associated details."
The Company has already made the settlement
payment, and the plaintiffs in the case now agree to "cause all
third parties to, immediately cease, desist and forbear from
enforcing or attempting to enforce or collect upon the Judgment and
the Sister State Judgment (including without limitation by seeking,
making, or implementing any orders, demands, levies, seizures,
judgment liens, security interests, garnishments or other
collections efforts)."
Management notes that this result allows the
Company to reduce its Current Liabilities by over 30% for a
deployment of cash that is less than 1/20th of the amount that
appeared due given its recent financial
reporting.
Lovatt added, "Given the increasing momentum we
have seen in our SINFIT subsidiary over the past three months,
getting this liability off the books could have significant
implications for our ability to finance future high-ROI investments
in brand growth and upgraded market
positioning."
About GenTech Holdings, Inc.
GenTech Holdings, Inc. is a publicly traded company under the
symbol GTEH. The Company launched a high-end Coffee Subscription
service in early 2020 called Secret Javas and has recently closed
on its acquisition of Sinfit Nutrition, which offers a range of
high-end Functional Foods.
Forward-Looking Statements
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.
Corporate Contact:
invest@gentech.group
www.gentechholdings.com
Public
Relations:
EDM Media, LLC
https://edm.media
