HELL WITH WAACO.... Here's the complete "news release" for Monday..Its not fair for everyone, especially in this thread that some people get the "press" earlier than the others...if Waaco get it earlier, ALL GIFS SHAREHOLDERS should get the information at the same time..
here is it.......
>>>>>>
Subject: IRI / GIFS PRESS RELEASE
Date: Sat, 22 Mar 97 18:33:09 +0000
From: StreetLevel <nymg@pipeline.com>
To: gvlh24a@prodigy.com, nymg@pipeline.com, cdpgc@aol.com
FOR IMMEDIATE RELEASE
March 24, 1997
CONTACT:
Michael Rehtorik, Dir.-IR, Genesis Internatioal / 423-266-7544
(investor.relations.genesis@juno.com)
Gary Cella, Pres., IRI / 203-869-7571 (cdpgc@aol.com)
Ellery McLanahan, PAR Exec. Dir., J. Freedman & Assoc. / 800-413-1522
(suydam@aol.com)
Genesis International Financial Services (GIFS)
Referred to Analyst J. Freedman & Associates by IRI
For Independent Research Report, Continuing Coverage
NYSSA-member independent financial analyst
administers unique Public Audit & Review (PAR) program
for Investors Research Institute; Will be distributed via
The Investext Group, Analyst Wire Telescan, websites.
New York NY, Chattanooga, TN, and Miami FL -- Genesis International Financial Services, Inc. (GIFS), Chattanooga, an international diversified holding company with several operating divisions, has been referred to J. Freedman & Associates, New York Society of Security Analysts-member independent analyst for continuing coverage by the non-profit Investors Research Institute, according to Gary Cella, president.
The referral is a condition of its Elite Corporate Membership in IRI, said Cella, as part of the company's pledged adherance to stringent standards of investor accessibility and disclosure. GIFS was inducted into the Institute at an IRI / NYSSA forum in New York on March 11, and was an Elite Corporate Presenter in December.
J. Freedman & Associates is headed by Jane Freedman, Supervisory Analyst, who has over 15 years experience in major Wall Street firms, specializing in emerging growth and underfollowed small cap companies. Previous to establishing her independent firm, she was with Kidder, Peabody & Co., Bear, Stearns & Co., Phillips, Appell & Co., and J.W. Charles/CSG.
IIt is anticipated that the initial IRI/PAR research report will be available in early- to mid-April. What is perhaps most unique about the Institute's program is that all Elite Corporate Members will be followed each quarter by an independent analyst on a continuous basis as long as they remain members in good standing, which may be the only non-wirehouse continuing analyst coverage program.
IRI has an agreement with The Investext Group for distribution of the IRI / PAR reports to a variety of electronic databases, including Lexis-Nexis, Dow Jones News/Retrieval, Information Access Company, Dialog and others, said Cella. The research reports will also be published at http:/www/netcapital.com and http:/www.stockgroup.com by NetCapital Communications, Inc. (NCC), a parent of IRI, Inc., which administers and licenses the programs and products of the Institute. NCC's information distribution unit, StreetLevel, will also publish the analyst reports and
quarterly updates to Telescan, Quote.com, MarketNews and its other channels. In addition, the reports are immediately distributed to 20,000 recipients throughout the brokerage and institutional community via Analyst Wire by BusinessWire, an Elite Media Partner with IRI.
Genesis International Financial maintains investments in the financial services industry, medical products industry, agricultural industry, real estate, and gold mining industries with investments in other hard assets, securities, and projects.
GIFS is a company which is growing through acquisitions. Created in 1995 in a reverse merger with Academy Insurance Financial Services, centered around its CRIC unit, Genesis has recently announced plans to capitalize on CRIC assets by selling the division to a syndicate of private investors led by Suisse Private Banking Company and InterFinance Banking Group of Montevideo, Uruguay, under terms that guarantee GIFS $117m in income over the next 10 years.
The company will be left with a large number of active business entities.
One is a 620-acre cattle ranching operation that includes a 40,000 unit poultry breeding facility, several hundred longhorn cattle and a rodeo contract, along with 5 natural gas wells which GIFS says geologist test have confirmed have a value of $3m.
Another unit is International Medical Products which manufactures and markets a pocket-sized endotracheal and tracheotomy tube cuff pressure monitoring device called a Digital P-V Gauge, which while breaking even, has patent rights and sales contracts valued at $3m. GIFS plans to merge this unit into Imagex Services (IMXS), which it owns 55% of, and which it purchased as a turn-around candidate.
Miller Mountain Gold Mine, near Boise, Idaho, is listed as an $18m asset. Some 77 claims have reserves valued at $180m. Since gold can be mined and processed at $180 an ounce and gold is trading at $350 an ounce, GIFS is in the process of reopening the mines and testing for probable reserves estimated at $800m.
Another subsidiary is MotorSports Travel Centers, which will be opening 25 centers with a 'PaceCar' theme, under the stewardship of CEO Jerry Coley, a member of the NHRA Hall of Fame. The company has secured Steak and Shake as one of the anchor tenants, and is negotiating with McDonalds, Burger King and Wendys.
GIFS also owns 20% (plus additional options) of Infobahn Industries, an internet content provider which features a FamilyHost Supersite located at familyhost.com
However, the company's core business of the future may be its international consulting division which specializes in balance sheet enhancement, project collateralization, financial guarantees, structured finance consulting, purchase order financing, in which the company reserves the right to act as a hybrid merchant banker. This generated $1m in the 4Q of 96 and should repeat in the 1Q97.
Net income for the 4Q was $965k, or 5cps, and the company had a record year, with $3.2m in profits, or 16cps, up from $301k, or 3cps in 1995, an increase of 500%. GIFS projects 85cps for FY97, including income anticipated from the sale of CRIC.
-- 30 --
================================================
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