GenTech Announces Settlement of $1M+ Judgement for $50K Payment, Removing a Third of Current Liabilities from Balance Sheet for
March 30 2021 - 09:30AM
InvestorsHub NewsWire
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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."
