Genesis Capital Corp. of Nevada Announces Closing on Stock Purchase Agreement.Business Editors MIAMI--(BUSINESS WIRE)--Oct. 31, 2001 Genesis Capital Corp. of Nevada ("Genesis") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : GNCP) Wednesday announced that it has closed on a transaction wherein Genesis has acquired 100 percent of the issued and outstanding shares of Senior Lifestyle Communities Inc., a Nevada corporation ("Senior"). The Senior shares were purchased from Christopher Astrom for 54,110,309 shares of Genesis' $0.001 par value common stock and 1,477,345 shares of Genesis' $0.001 par value preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . The issuance of the shares to Astrom brings the total issued common shares of Genesis to 56,958,220 shares and the total issued preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. to 1,555,100. Genesis will file an 8-K report with the Securities and Exchange Commission giving more details about the transaction. Senior's plan is to become a residential real estate development company through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Senior Adult Lifestyle Inc. The focus will be on developing active adult communities which include condominium developments which are restricted to residents 55 and over. The development efforts will occur in the northeast portion of the United States. Thus far, five towns in Connecticut The U.S. state of Connecticut is divided into 169 towns. The towns are grouped into eight counties. 19 of the towns are consolidated city-towns and one is a consolidated borough-town. These are indicated in the list below. are being considered for the development of in excess of 500 condominium units. The estimated sales price for each unit is between $175,000 and $250,000. The development will involve property with a combined value of approximately $1.5 million. A number of statements contained in this press release are forward-looking statements which are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements involve a number of risks and uncertainties, including the timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that AXIA may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. |
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