GenTech Holdings, Inc. (OTCMKTS:GTEH) is moving up in the opening on Thursday after the news.
Market Action
As of 9:42, GTEH stock is up by 0.0021% to $0.0021 with more than 69.37 million shares, compared to its average volume of 324.46 million shares. The stock has moved within a range of $0.0019 – 0.0023 after opening the trade at $0.0019.
Major Trigger:
GenTech Expands Sinfit Roll-Up with Acquisition of Growing Protein Cookie Company MPB Snacks
Key Highlights:
- GTEH announced the signing of an asset purchase agreement to acquire all of the assets, accounts receivable, and customer relationships related to MPB Cookies.
- 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.
- 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.
Key Quote:
“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.”
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