GenesisIntermedia.com Announces Chairman's Common Stock Purchase
LOS ANGELES, June 20 /PRNewswire/ -- GenesisIntermedia.com, Inc. (Nasdaq: GENI - news; Pacific Stock Exchange: GNS) (Frankfurt Stock Exchange: GIA) announced today that Ramy El-Batrawi, Chairman and Chief Executive Officer, purchased an additional 100,000 shares of GENI common stock yesterday 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 175,000.
``I sincerely believe that the price of GENI common stock continues to be undervalued,'' stated El-Batrawi. ``I am making what I consider to be a good investment as an individual who has a choice among thousands of investment possibilities. With the insider lock-up period concluded, I have not sold any GENI shares in the open market and do not intend to at any time in the near future. I will continue buying GENI shares if share prices remain at these levels.''
El-Batrawi continued, ``As the company's investment in Centerlinq grows, the network will realize significant future value for shareholders. Centerlinq is anticipating total annual impressions of 2.4 billion, conservatively, by the beginning of 2002. Other recent acquisitions that GENI has made include Car Rental Direct.com and DoWebsites.com, both of which are in the process of becoming major Internet brands, and DynaMedia, an established communications and design company that augments GENI's talent pool and increases its advertising and promotional core competencies.''
About GenesisIntermedia.com
GenesisIntermedia.com (Nasdaq: GENI - news) is a leading developer of Internet technologies and Internet companies. The Company leverages its strength in operations, marketing and the deployment of traditional and new media to advance new and innovative technologies within strategically identified market segments.
GENI's execution of the Centerlinq network, the first technology deployed within the Company's incubation model, has resulted in rapid expansion of the network into 20 shopping malls in the United States, with 18 of those installations occurring in under a year. Currently reaching more than 22,000,000 consumers per month, Centerlinq attracts a diverse audience with one of the largest loyalty shopping programs in the U.S.
Centerlinq recently introduced its 4.0 model kiosk, was honored by Microsoft Corp. (Nasdaq: MSFT - news) with the 2000 Retail Application Developer ``RAD'' award for ``Best Retail Headquarters Application'' in the category of Core Retail Marketing, its second such honor within three years.
The Company's DoWebsites.com portal provides tools and resources for all webmasters, from beginners to professionals. This provides a powerful synergy to GENI's newly launched Internet education and mentoring program, as current and future subscribers to the program can utilize the complementary array of resources found on DoWebsites.com.
Car Rental Direct.com, with existing locations in Southern California and Nevada, is a fast growing car rental agency that provides vehicles for the local and replacement segments of the $16.9 billion auto rental industry. Its goal is to become the leader in business-to-business and business-to-consumer car rental activity on the Internet, and to open a minimum of 225 locations within three years.
Dynamedia, an innovative full-service integrated marketing communications and design firm, has a solid 200-year reputation of high impact work and expertise in the creation and development of collateral, branding, signage, packaging, point of purchase, point of sale and environmental graphics as well as web design, new media and presentation graphics.
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 10(k) filed with the Securities and Exchange Commission.
SOURCE: GenesisIntermedia.com, Inc. |
