Bloomberg Business
June 25th 2020...7:30 am CDT
Gentech Sinfit acquisition reports Tremendous Sales Growth in US. David Lovatt, CEO of GenTech, stated, "We spent months negotiating this deal to achieve best shareholder value possible. The deal was closed less than a month age and we are already seeing incredible strong International Revenues.
When the transaction closed, GenTech received c.$70k in accounts receivable, c.$70k in inventory, and more than $100k in packaging, as well as all customer relationships, IP, web presence, and goodwill in a deal that was cash only. The former owner trusted us to actualize the tremendous potential of the Sinfit brand and I am confident we will deliver on that trust provided. Our US sales team is just starting to ramp up, and our analysis suggests very promising signals from US distributors already very familiar with the brand as stores open back up and inventories are thin at best. I think I can already state that this was an extraordinarily productive use of $250,000 in cash to acquire SINFIT."
Management importantly notes that the Sinfit brand brought in $2.2 million in
revenues in 2019.
Also, in its release dated June 22^nd, the Company announced that it was
fielding international purchase orders of $80,000 from UAE and $70,000 from
Singapore. Since that release, the Company is now fielding additional
international purchase orders, including $50,000 from a Mexican distributor
and $70,000 from a Canadian distributor. SO AS YOU SEE THEY GTEH HAVE MILLIONS OF MORE IN THEIR EARNINGS FROM THE LAST YEARS
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