Monday January 27 9:04 AM EDT
Genesis International Financial Services, Inc. Receives
Firm Offer to Purchase Major Operating Unit
CHATTANOOGA, Tenn., Jan. 27 /PRNewswire/ -- Genesis International Financial Services, Inc.,
(Nasdaq Bulletin Board: GIFS), announced today that it had received a term sheet supporting an
international group of prominent individuals and at least one financial institution's offer to syndicate
the purchase of GIFS' major operating unit. The proposal, which provides the framework for further
negotiations, describes a transaction with a purchase value in excess of $100 million and a fully
secured financial structure that will generate GIFS in excess of $1 million a month for the next ten
years. The company confirmed that it has been involved in confidential negotiations with this group
for an extended period of time during which the parties have exchanged extensive due diligence
material.
GIFS CEO, Mohamed Khairy Mohamed Zayed, II stated that "this offer comes from a group that
has demonstrated their financial credibility and sincere intent to us. We intend to give it our utmost
consideration as we enter the final phase of negotiations." The term sheet calls for an official
response by the company in 10 days. |
