GIFS Message Board - Msg: 1170429

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Microcap & Penny Stocks : GIFS

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To: Mark Beard who wrote (3678)	4/11/1997 2:24:00 AM
From: Jeff Silverman	of 8012

DIVIDEND UPDATE This mail is to convey to you some up-to-date definitive information on the long-awaited stock dividend distribution. Please feel free to make this available to other interested parties. As I have previously discussed with you at some lenth and numerous other people to a smaller extent, the stock dividend distribution was meant to be a reward and expression of the company's gratitude to free trading stock holders accumulating stock in the open market, as of the record date of January 21, 1997 The insiders and affiliates with large positions never intended to ingratiate themselves with a dilutive distribution. As you know the issue has been further complicated by the ongoing wrangling over a significant portion of ancient 144 stock of questionable origin and validity. I can report to you this evening that our corporate counsel has advised us the remaining hurdle will be overcome by a series of actions set in motion today. Accordingly management is finalizing the logistical coordinates, legal and corporate documents necessary for the transfer agent to effectuate the transfer to the free-trading shareholders to appropriately designated coordinates. By virtue of todays arrangements the transfer agent will be empowered to act upon instruction now being prepared and readied for forwarding Monday afternoon. Distributions to free-trading shareholders will be rapidly processed. Distribution to eligible 144 shareholders may take somewhat longer pending determination issues as well as the waiver matters by insiders and affiliates. We appreciate the patience you and other conscientious shareholders have afforded management. We hope all interest parties understand that the delay in this process was the result of managements prudent action in the best interest of all shareholders of GIFS from a universal perspective involving many issues. I look forward to confirming that at the close of business on Monday afternoon that the physical process has begun. Sincerely, Michael W. Rehtorik Managing Director Genesis International Financial Services, Inc. (GIFS-NASDAQ-BB)

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