GenesisIntermedia.com Announces Chairman's Common Stock Purchase
LOS ANGELES, Feb 9, 2001 /PRNewswire via COMTEX/ -- GenesisIntermedia.com, Inc. (Nasdaq: GENI chart, msgs) (Frankfurt Stock Exchange:GIA) announced today that Ramy El-Batrawi, Chairman and Chief Executive Officer, purchased an additional 42,000 shares of GENI common stock in the open market at the prevailing market price for his own account, bringing the total number of shares of GENI common stock that Mr. El-Batrawi has purchased in the open market to 317,000.
"I continue to purchase GENI stock for my own account because of my high level of confidence in our prospects and abilities," stated El-Batrawi. "Also, I believe that GENI's valuation is still low, particularly against the backdrop of Centerlinq's expanding national advertising infrastructure and our fast-growing Car Rental Direct subsidiary."
About GenesisIntermedia.com.
GenesisIntermedia.com. (GENI) is involved in several business lines revolving around the marketing and advertising of consumer goods and services. The Company's main business lines are (a) direct sales and marketing of consumer products, (b) interactive advertising and data mining in retail malls under the Centerlinq brand, and (c) car rentals for the replacement market under the Car Rental Direct brand. The Company strives to create a portfolio of complementary business activities that build on the Company's traditional strengths in marketing consumer goods and services. GenesisIntermedia.com markets through several channels including television, print, radio, telemarketing and retail outlets.
The Company believes that significant opportunities exist to build new platforms around e-commerce activities. As such, the Company has recently dedicated significant financial and human resources to develop and commercialize its Centerlinq product.
This document contains certain forward-looking statements that are subject to risks and uncertainties. For such statements, GenesisIntermedia.com claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors discussed in GenesisIntermedia.com's Form 10ksb filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
Source: GenesisIntermedia.com, Inc.
Contact:
Robert Bleckman, Director of Investor Relations of
GenesisIntermedia.com, Inc., 818-902-4397, robertb@genesisintermedia.com
URL: genesisintermedia.com |
