Wheat Ridge, Colorado, June 17, 2021 (GLOBE NEWSWIRE) -- GenTech Holdings, Inc. (OTC Pink: GTEH) (“GenTech” or the “Company”) (www.gentechholdings.com), an emerging leader in the high-end Premium Coffee (www.secretjavas.com) and Functional Foods (www.sinfitnutrition.com) marketplaces, is pleased to announce the signing of an asset purchase agreement (the “Agreement”) to acquire all of the assets, accounts receivable, and customer relationships related to MPB Cookies (d/b/a MPB Snacks) (“MPB”) (https://mpbsnacks.com).
MPB is a high-end protein cookie company that makes gluten-free, high-protein snacks. MPB has driven over $2.7 million in sales over the past 42 months of operations as a privately held company in the sports nutrition marketplace.
MPB products have a broad existing distribution footprint that includes GNC, Circle K, FiveStar, Amazon.com, QVC, Walmart, Canteen, and BodyBuilding.com.
“We love the product and the branding MPB has established,” noted David Lovatt, CEO of GenTech. “They make a great-tasting, satisfying, guilt-free snack that represents a perfect complementary addition to our current product portfolio. We understand this opportunity extremely well and see robust synergies with our existing operations. We have immediate plans to expand distribution of MPB’s current products and to broaden and diversify the product base to unlock much greater value.”
MPB products are made with rolled oats and contain protein derived from a combination of Chickpeas and Whey, with no artificial sweeteners in the mix. MPB also has a version of its snacks that are made with Keto. The company has also developed a high-fiber cookie, with a planned launch set for the fourth quarter of 2021.
According to ResearchandMarkets.com, the global market for Health and Wellness Foods was estimated at $764.2 Billion in the year 2020, and is projected to reach $1.1 Trillion by 2027.
About GenTech Holdings, Inc.
GenTech Holdings, Inc. is a publicly traded company under the symbol GTEH. The Company offers a high-end Coffee Subscription service called Secret Javas. It also owns and operates leading functional foods brand, Sinfit Nutrition, which offers a range of high-end Functional Foods.
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.
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