*****NEWS*NEWS*NEWS*****
CHATTANOOGA, Tenn., Sept. 17 /PRNewswire/ -- Genesis Insurance & Financial
Services, Inc. (OTC Bulletin Board: GIFS) has announced that the unusual
trading volume and 76.47% price rise Monday is likely the result of a mention
in the daily newsletter HotStocks@StreetLevel quoting "The Waaco Kid" as
believing that Genesis had received a positive letter from the NASD relative
to its 12(g) filing and application for listing on the National Marketing
System.
The Company confirmed that while there has been no pre-approval, a letter
from NASD has been received which it interprets as indicating the Company's
sole barrier to approval to the National Market System (NMS) is a $5 minimum
per share price, at which time the Company will be eligible to finalize its
application.
The 12(g) submitted to the Securities and Exchange Commission on
August 12, 1996, reports shareholder equity of $138,519,744 as of
March 31, 1996 with 19,750,121 shares outstanding, of which approximately
18,500,000 is restricted.
The Company said the newsletter had apparently stated "The Wacco Kid" had
issued a small caps versus large caps website stock value challenge associated
with a new TV series, Traders, on Lifetime and that Genesis had been listed at
the top of the on-line forum's "Ten Most Wanted List" due to what the forum
termed a " remarkable undervaluation relative to book value" that makes
Genesis perhaps the most undervalued public company.
CONTACT: Genesis Insurance & Financial Services, Inc., 423-266-7544 or fax, 423-266-7750
LET'S SEE 19,750,121 shares out - 18,500,500 of those restricted
leaves a float of 1,250,121 shrs. and 138+Mil in shareholder EQUITY
Any ROCKET SCIENTISTS out there?
bg
Caveat Emptor Not a recommendation to buy or sell.
I do have a position in this equity.
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