GenTech Holdings (OTCMKTS:GTEH) Stock Moves Up After The News: What Next?
Emerging leader in Functional Foods marketplace GenTech Holdings (OTCMKTS:GTEH) has provided shareholders with 2021 Mid-Year Update, emphasising on key achievements in this pivotal year.
The Management accentuated on completion of value-add acquisitions, including MPB Snacks ,Yourganics, NxtBaras well and Fizzique. Furthermore, it will be acquiring Nature Soothieafter writing an LOI, which is hopes to close before end of July. The firm has been engaged in improving balance sheet through a operational cash as well as mutually beneficial renegotiations.
In addition, the firm also settled multiple convertible noteholders, which will result in debt reduction and the same will continue through the year. Currently, the firm has just one major convertible noteholder outstanding, East Capital Investment Corp. It also announced on settling an outstanding judgement of $1.09 million from 2017 at that time.
Totally, GenTech has reduced total outstanding liabilities by $2 million, bolstering its position towards a strong growth in 2022.
CEO of GenTechDavid Lovatt said that Fizzique acquisition is vital in the firm’s history and it has engaged an outsourced beverage specialist for handling all manufacturing as well as third-party contract packing. Lovatt added that he expects topline expectation from the tranche of product going beyond $6 million in SINFIT sales.
The CEO hopes on production run of about 4 million cans of Fizziqueevery quarter by 2022, which would give the firm sales forecast in the range of $15-20 million. With SINFIT having $3 million in cash, the company is in good position to execute all opportunities.
Market Reaction:
As of 12:29, GTEH stock jumped 12.50% at $0.0009 with more than 824.48 million shares, compared to its average volume of 365.97 million shares. The stock had moved within a range of $0.0007 – 0.0009 after opening the trade at $0.0009. Over the past 52-week, the stock has been trading within a range of $0.0002 – 0.0189.
