Genesis Capital Corporation of Nevada Closes on Connecticut Properties.Business Editors MIAMI--(BUSINESS WIRE)--Nov. 12, 2001 Genesis Capital Corporation of Nevada, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GNCP.OB) (Genesis); announced today that it has closed on the purchase of future construction sites and the rights to buy construction sites in Hebron, New Milford, East Windsor, Granby, and Watertown, all in Connecticut. Genesis, thru its subsidiary, Senior Lifestyle Communities, Inc. ("Senior") paid $2,000,000 in restricted common stock of GNCP. Thru Senior, Genesis' plan is to become a large residential real estate development company in the Northeast with the focus of developing residential communities which are restricted to residents of fifty-five and over. This purchase will give Senior inventory in 5 towns of Connecticut in which Senior is considering plans to develop in excess of 500 condominiums. The estimated sales price or each unit is between $175,000 and $250,000. Genesis purchased these projects from National Residential Properties, Inc., NRES NRES National Research Ethics Service (United Kingdom) NRES National Rail Enquiry Service (Great Britain) . NRES, GNCP and Senior may be deemed to be affiliates due to their interlocking directorates interlocking directorates Boards of directors of different firms that have one or more of the same people serving as directors. Interlocking directorates are illegal among competing firms. , common stockholders and business relationships. Genesis is looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. other parcels of land in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Connecticut to purchase for development; and to acquire a Contracting company that in addition to other projects will build the Communities being developed by Senior. 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 GNCP may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. |
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