GTEHCOMPANY JUST ANNOUNCED SHARE REDUCTION AND HAS FOUND SUPPORT AT 0.04! THIS ALONE SHOULD PUSH THIS WAY PAST 15 CENTS SINCE THE FLOAT WAS DRASTICALLY REDUCED!
GenTech Sharply Reduces Authorized Shares by 80%, Floating Shares by 50% Press Release | 05/16/2019 NEW YORK, NY / ACCESSWIRE / May 16, 2019 / GenTech Holdings, Inc. (OTC PINK: GTEH) ("GenTech" or the "Company"), an emerging leader in the CBD marketplace, is pleased to announce that the Company has undertaken a significant reduction in total authorized, outstanding, and floating shares.
"As we navigate our pivot into the branded CBD marketplace, we recognize that our priority must be on proving our commitment to a shareholder-friendly market identity and to rewarding our loyal shareholders," commented David Lovatt, CEO of GenTech. "Growth and shareholder value go hand in hand. And actions speak louder than words."
The total number of issued and outstanding common shares has been decreased by 36,206,896 shares, which were returned to treasury on May 14. This has taken the total issued and outstanding share total down to 385,563,721 shares and dropped the trading float share total down to just 35,546,101 shares, representing a 50.5% reduction in float.
In addition, the total number of authorized shares is also being reduced by 80% from 25 billion shares to 5 billion shares.
The Company also notes that it will be retiring more common shares over coming weeks through a conversion process following the establishment of a new class of preferred shares designed to function as an employee incentivization resource.
"We are eager to reduce the authorized share total by even more, but we want to leave ourselves a sufficient cushion to act on promising M&A opportunities capable of driving shareholder value," continued Mr. Lovatt. "In addition, I strongly believe in surrounding myself with the most talented team I can find. To help reward our current talent and attract new stars to our management team, we are establishing a preferred share series that will convert based on the achievement of key milestones. I will begin to convert my own common stock holdings over coming weeks to further reduce the issued and outstanding share total."
About GenTech Holdings, Inc.
GenTech Holdings, Inc. is a publicly traded company under the symbol GTEH. The company is creating a national chain of Hemp Centric Coffee Shop Retail Spaces where patrons can relax, drink CBD infused Teas and Coffees, try various own-brand products and experience holistic education and classes. The company is also building an extensive outreach program working with medical practitioners across the country in their own locations to educate their patients and increase awareness of the benefits of THC free CBD Products. All of this is offered under the brand 'The Healthy Leaf'.
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
DNRGUP 100% ON FRIDAY! RUMORED NEWS COMING ON TWITTER! WATCH THIS ONE CLOSE!
CMGOLATEST PR PUSHED IT CLOSE TO A PENNY AND NEXT PR SHOULD SEND IT BACK TO THE 0.05 RANGE EASILY
CMG Holdings Reports Strong First Quarter Results and Provides Shareholder Update
Profitability Maintained; Balance Sheet Substantially Improved XA Sales Funnel Builds with Multiple Seven-Figure Contracts Bid Legal Settlement Provides Cashflow to Support Growth
Chicago, IL -- May 16, 2019 -- InvestorsHub NewsWire -- CMG Holdings Group, Inc. today released its first quarter 2019 results and provided a shareholder update from the Office of the CEO, Glenn Laken:
"I'd like to take this opportunity to discuss the results from the three-month period ended March 31, 2019. As you can see, CMG Holdings Group ended the quarter on a high note. The Company exited the period with a net profit of approximately $561K. Our primary operating business, XA, had an operating profit of $86K and that was further aided by a benefit of $360K due to our writing off substantial payables, which was brought about by an ABC (assignment for the benefit of creditors) that I was able to engineer in 2015. With the ABC, CMG was able to eliminate all XA's debt. After waiting four years, we are finally debt free at the XA level leaving the business in a great position going forward. XA's fundamentals are improving and the unit has a very clean capital structure, which is the best of both worlds. Overall, CMG finished the quarter with a cash position of $317,000.
Furthermore, CMG has been able to utilize an initial payment of $268K from a recently settled lawsuit to pay down holding company debt including favorably settling two convertible notes - one with a face value of $114K and the other with a face value of $55K - for $25K total cash. In addition, we paid down $28.5K of the accrued salary of my office.
To finish this update, I'd like to give a preview of XA and their business outlook. To this end, we are currently negotiating with three new clients on installations each in excess of $1 million. In addition, we continue to see our clients returning with typical $50K - $100K jobs on a repeat basis. Overall, I am optimistic about returning XA to strong growth which I projected just a short time ago. Of course, we will remain humble and push very hard to make it all come together. In closing, I cannot say enough about the great job my daughter and her associate Armon Lewis continue to do. Keep up the great work everyone."
Management will be posting the Company's 1Q19 financials on a recently-designed CMG website which will be up shortly at https://www.cmgholdingsinc.com.
About CMG Holdings Group, Inc.
CMG Holdings Group, Inc. is a Chicago holding company whose primary operating subsidiary is XA – The Experiential Agency, Inc. (http://www.experientialagency.com) - which engages in the alternative advertising, digital media, experiential and interactive marketing, and entertainment sectors. XA is involved in production and promotion, event design, sponsorship evaluation, negotiation and activation, talent buying, show production, stage and set design, and data analysis and management activities. The business also offers branding and design services, such as graphic, industrial and package designs across traditional and new media, public relations, social media, media development and relations, and interactive marketing platforms to provide its clients with customary private digital media networks to design and develop individual broadcasting digital media channels to sell, promote, and enhance their digital media video content through mobile, online, and social mediums. XA serves clients across the marketing communication industry. Separately, CMG Holdings Group owns Lincoln Acquisition Corp., a subsidiary formed to manage its portfolio investments.
Disclosure Statement
Statements in this press release about our future expectations, including without limitation, the likelihood that CMG Holdings Group, Inc. will meet minimum sales expectations, be successful and profitable, bring significant value to its stockholders, and leverage capital markets to execute its growth strategy, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law. CMG's business strategy described in this press release is subject to innumerable risks, most significantly, whether the Company is successful in securing adequate financing and materially decreases its convertible debt. No information in this press release should be construed in any form shape or manner as an indication of the Company's future revenues, financial condition or stock price.
News 
Market Data 
Discover 
