Genesis Development announces agreements for construction of 250 semi-detached residential units and gymnasium.NEW YORK--(BUSINESS WIRE)--June 19, 1997--Genesis Development and Construction Ltd., the first and only Israeli real estate company to complete an IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in the U.S. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : GDCUF, GDCOF, GDCWF and GDCZF), announced today that it has agreed in principle to act as the general contractor for the construction of approximately 250 semi-detached residential units in the town of Dovrat, in northern Israel. Genesis has entered into a joint venture agreement with another Israeli contractor for the construction of this project, with each party holding a 50 percent interest. The first phase of construction has commenced and consists of 52 units to be priced at approximately $70,000 per unit (contingent on the specifications of the unit). Genesis also announced that it has received an award for the construction of a gymnasium from the Municipality of Haifa, as one of the winners in a bid conducted by the Local Government Economic Services Ltd. for the construction of gymnasiums in central and northern Israel. Revenues for this project are estimated at approximately NIS Niš or Nish (both: nēsh), city (1991 pop. 175,391), SE Serbia, on the Nišava River. An important railway and industrial center, it has industries that manufacture textiles, electronics, spirits, and locomotives. 2,175,000 ($640,000). 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. The company acts as a general contractor, 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. Headquartered in Haifa, Israel, Genesis became fully operational in early 1996. The company completed an initial public offering in February 1997, raising net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $9.4 million. The offering, which was underwritten by D.H. Blair Investment Banking Corp., consisted of 2,000,000 units plus 300,000 over-allotment units, each unit representing one Class A Ordinary Share, one redeemable Class A Warrant and one redeemable Class B Warrant. -0- This report may obtain 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. Eli Aran, 914/634-0300 or Rubenstein Investor Relations Investor relations The process by which the corporation communicates with its investors. Jeffrey Berman, 212/843-8096 212/843-9200 (fax) |
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