Share Buyback COMING!! >>
GenTech Announces Share Buyback Initiative & Reduces Authorized Share Capital
December 31, 2021 15:34 ET | Source: GenTech Holdings Inc.
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.
$GTEH
