Genesis Development and Construction Ltd. Announces $4.1 Million Construction Contract With the Israeli Ministry of Defense.NEW YORK--(BUSINESS WIRE)--April 30, 1998-- Company Receives C5(star) Clearance From Israeli Ministry of Defense GENESIS DEVELOPMENT AND CONSTRUCTION LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (Nasdaq: GDCUF, GDCOF, GDCWF and GDCZF) today announced that one of its wholly-owned subsidiary companies has been awarded a construction contract by the Israeli Ministry of Defense which the Company estimates will generate revenues of approximately $4.1 million. Due to the nature of the project, its location in Israel cannot be disclosed. Genesis has obtained a C5(star) rating from the Ministry of Defense which will enable it to participate in other security sensitive military projects. Eli Aran, Chairman of Genesis, stated "We are pleased to have been awarded this contract from the Israeli Ministry of Defense. As a result of our security clearance, we are now qualified to bid on additional Ministry of Defense projects and look forward to expanding this part of our business. Although the current project is scheduled to be completed in 36 months, we anticipate that it will be completed ahead of schedule." Headquartered in Haifa, Israel, Genesis Development and Construction Ltd. is an Israeli real estate development and construction management company with a primary focus on residential and public properties in Israel. Genesis also operates 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. , Germany and Russia through its American and European subsidiaries. The Company acts as a general contractor A general contractor is an organization or individual that contracts with another organization or individual (the owner) for the construction of a building, road or any other execution of work or facility. , subcontracting all of its construction activities. In addition to managing all of its own projects, Genesis also provides consulting, management and financial management services to other real estate developers and contractors. -0- This report may contain 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. Such forward-looking statements involve risks and uncertainties, and concern, among other things, the ability of the Company to compete in the Israeli real estate industry and the strength of such industry, and are subject to changes in the Israeli economy, continuing immigration immigration, entrance of a person (an alien) into a new country for the purpose of establishing permanent residence. Motives for immigration, like those for migration generally, are often economic, although religious or political factors may be very important. , the availability of land, and the continued availability of raw materials and labor. Further information regarding these risks is described from time to time in the Company's filings with the Securities and Exchange Commission. CONTACT: Genesis Development and Construction Ltd., Haifa Eli Aran, 914/634-0300 Fax: 914/634-8077 or Rubenstein Investor Relations Investor relations The process by which the corporation communicates with its investors. , 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 Jeffrey Volk, 212/843-8086 Fax: 212/843-9200 |
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