CORRECTING and REPLACING Genio Group Reports Second Quarter Results and Highlights Recent Developments; Q3 FY '04 Product Shipments to Date at $2.2 Million.Business Editors CORRECTION...by Genio Group NEW YORK--(BUSINESS WIRE)--May 19, 2004 In BW5975 issued May 18, 2004: Second sentence of the headline of release dated May 18, 2004 should read: Q3 FY '04 Product Shipments to Date at $2.2 Million (sted Q3 FY '04 Product Shipments to Date at $2 Million). In the sixth graph, first sentence should read: "Based on the strong initial demand for our new Mighty Beanz Mighty Beanz are toys manufactured by Moose Enterprises, a corporation headquartered in Melbourne, Australia. Moose launched Mighty Beanz in the Australia market in 2002; the toy launched in the United States in summer, 2003. (TM) collectible collectible An asset of limited supply that is sought for a variety of reasons including, it is hoped, an increase in value. Stamps, antiques, coins, and works of art are among the many things usually classified as collectibles. trading card game, we have already shipped $2.2 million of this new product line for the quarter ending June 30, 2004. (sted "Based on the strong initial demand for our new Mighty Beanz(TM) collectible trading card game, we have already shipped $2 million of this new product line for the quarter ending June 30, 2004.) The corrected release reads: GENIO GROUP REPORTS SECOND QUARTER RESULTS AND HIGHLIGHTS RECENT DEVELOPMENTS; Q3 FY '04 PRODUCT SHIPMENTS TO DATE AT $2.2 MILLION Genio Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GNOI.OB) reported results for the fiscal 2004 second quarter ended March 31, 2004. Genio Group reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $1.2 million for the second quarter ended March 31, 2004. Genio Group ("Genio") reported a net loss for the second quarter ended March 31, 2004 of ($0.7) million, or ($0.03) per basic share. The loss includes a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $0.3 million for costs associated with stock based compensation. Genio's Q2 results compare to fiscal 2004 first quarter net sales of $1.2 million and a net loss of ($1.8) million, or ($0.07) per basic share, which included a non-cash charge of $1.2 million for costs associated with stock based compensation. At March 31, 2004, Genio had total current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of $2.9 million and total current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. of $1.2 million, providing $1.7 million in working capital, with no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Subsequent to the close of the March quarter, Genio secured a $3 million receivables-based credit facility. Shai Bar-Lavi, Genio Group's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented, "Our Q2 results benefited from the increasing awareness of Genio Cards(TM) in international territories as we secured distribution agreements and began shipping both English language English language, member of the West Germanic group of the Germanic subfamily of the Indo-European family of languages (see Germanic languages). Spoken by about 470 million people throughout the world, English is the official language of about 45 nations. and foreign language products to countries including Spain, Italy, Mexico, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. and Australia. Domestically, we continued to receive reorders from certain of our leading retail partners and importantly have not received any returns to date. "Based on the strong initial demand for our new Mighty Beanz(TM) collectible trading card game, we have already shipped $2.2 million of this new product line for the quarter ending June 30, 2004. Looking forward, we will continue our mission to expand the reach of our products on a global basis and to create new licensing, toy products, educational and entertainment opportunities. We currently expect to launch a second generation of our initial Genio Cards product line in June." Recent Genio Group developments: -- National roll-out of Genio Mighty Beanz(TM) Cards(TM): In April 2004, Genio launched its new collectible trading card game based on the popular children's collectible toy, Mighty Beanz(TM), generating strong initial orders from domestic mass-market retailers. -- International appeal of Genio Cards(TM) continues to grow: Throughout Q2 Genio continued to make significant progress on the International front with the distribution of foreign language Genio Cards in Spanish and Italian. Separately, Genio announced receipt of orders for English language Genio Cards' products from Mexico, New Zealand and Singapore. Genio Group continues to pursue additional international markets including France, with a planned French language version of the product line expected to be introduced later this year. -- Credit facility secured: In May 2004, Genio secured a credit facility with IIG IIG In Ieder Geval (Dutch: Anyway) IIG Iraqi Interim Government IIG Indian Institute of Geomagnetism (Navi Mumbai, India) IIG Infinity Incentive Group (Scottsdale, AZ) Capital LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for up to $3 million, subject to certain availability restrictions. The credit facility enables Genio to draw down against the line based on a percentage of its accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . Funds drawn down will be used for working capital purposes, sales & marketing and expansion of Genio's sales distribution network. About Genio Group, Inc. Genio Group, Inc., is a developer and marketer of entertainment and leisure products. Genio Group has a worldwide license from Marvel The original code name for Microsoft Network. Characters, Inc. and Marvel Enterprises, Inc. for the use of the globally recognizable Marvel Super Heroes Marvel Super Heroes is a term generally referring to superheroes owned and published by Marvel Comics (see list of Marvel Comics characters). It is also the name of several specific products and publications:
 This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. (TM). Genio Group also holds licenses to produce a trading card series based on the popular Mighty Beanz(TM) collectible characters world-wide. Genio Card(TM) products are currently available in select national retailers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. including Wal-Mart, Target, CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. , K-Mart, Toys-R-Us, Walgreens, and Linen linen, fabric or yarn made from the fiber of flax, probably the first vegetable fiber known to people. Linens more than 3,500 years old have been recovered from Egyptian tombs. Phoenician traders marketed linen in Mediterranean ports. & Things. For more information about Genio Cards(TM), visit www.geniocards.com. Marvel and all related character names are TM & (C) 2004 Marvel Characters, Inc. All rights reserved. Super Heroes is a co-owned registered trademark. Mighty Beanz and all related character names are TM & (C) 2004 Moose Moose, river, Canada Moose, river, c.50 mi (80 km) long, formed in central Ont., Canada, by the Mattagami and Missinaibi rivers. It flows NE to its confluence with the Abitibi River and into SW James Bay near Moosonee. Enterprises PTY Ltd PTY LTD Propriety Limited (company structure in Australia) . All rights are reserved. Except for any historical information that they contain, the statements in this news release regarding Genio Group, Inc.'s plans are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to certain risks and uncertainties, including, but not limited to, those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc product demand, pricing, market acceptance, the effect of economic conditions, and intellectual property rights and the outcome of competitive products, risks in product development, risks of non-payment by distributors to Genio Group for purchase of our products and inability of Genio Group to reach agreements with distributors for distribution of our products in domestic and foreign countries and other factors discussed from time-to-time in Genio Group, Inc.'s Securities and Exchange Commission filings. Genio Group, Inc. undertakes no obligation to update or revise any forward-looking statement for events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date on which such statement is made.
Genio Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Three months Six months
ended ended
March 31, 2004 March 31, 2004
-------------- --------------
Net sales 1,189,283 2,378,139
Cost of sales 500,365 764,903
-------------- --------------
Gross profit 688,918 1,613,236
Selling Expenses 458,281 1,258,749
General and administrative expenses 575,915 1,179,503
Equity based compensation 315,091 1,530,480
Depreciation and amortization 1,422 2,594
-------------- --------------
Loss from operations (661,791) (2,358,090)
Other income and (expense)
Penalties (57,715) (128,715)
Miscellaneous 440 (17,231)
-------------- --------------
Loss before provision for income taxes (719,066) (2,504,037)
Provision for income taxes 0 0
-------------- --------------
Net Loss (719,066) (2,504,037)
============== ==============
Basic and diluted earnings (loss) per
share ($0.03) ($0.10)
============== ==============
Weighted average shares outstanding -
basic and diluted 26,238,918 25,997,759
============== ==============
Genio Group, Inc. and Subsidiaries
Consolidated Balance Sheet
March 31, September 30,
2004 2003
ASSETS
Current assets:
Cash and cash equivalents $183,087 $514,142
Accounts receivable, net 1,462,254 1,040,668
Inventories 970,058 1,097,402
Prepaid expenses and other current
assets 321,042 196,381
-------------- --------------
Total current assets 2,936,441 2,848,593
Furniture and equipment, net 16,899 11,718
-------------- --------------
Total assets $2,953,340 $2,860,311
============== ==============
Liabilities And Shareholders' Equity
Current liabilities:
Accounts payable and accrued
liabilities 1,113,264 633,212
Due to officers 65,000 -
Deferred revenue - 433,367
-------------- --------------
Total current liabilities 1,178,264 1,066,579
Commitments and Contingencies
Stockholder's Equity
Preferred stock, no par value,
2,000,000 shares authorized, 0 shares
issued
Common stock - par value $.0001, per
share, authorized 200,000,000 shares;
26,238,918 shares issued and
outstanding 2,623 2,574
Additional paid-in capital 11,819,680 7,945,339
Accumulated deficit (7,998,198) (5,494,162)
Unearned consulting services (2,049,029) (660,019)
-------------- --------------
Total stockholders' equity 1,775,076 1,793,732
-------------- --------------
Total liabilities and
stockholders' equity 2,953,340 2,860,311
============== ==============
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