enesisIntermedia Reports Conversion of Convertible Preferred and Exercise of Warrants Issued to Elliott Associates L.P. and Westgate International L.P.
LOS ANGELES--(BUSINESS WIRE)--June 1, 2001--GenesisIntermedia Inc. (Nasdaq:GENI) (Frankfurt:GIA) announced that the $3 million in Convertible Preferred shares issued to Elliott Associates L.P. and Westgate International L.P. in conjunction with a previously announced tranche of financing was completely converted into common shares.
Additionally, GenesisIntermedia announced that it realized proceeds of approximately $2.3 million from the exercise of warrants issued in conjunction with the Convertible Preferred.
About GenesisIntermedia
GenesisIntermedia Inc. (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, telemarketing, retail outlets and interactive/Internet media. GenesisIntermedia's Centerlinq was honored by Microsoft Corp. (Nasdaq:MSFT) 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 Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this news release (as well as information included in oral statements or other written statements made or to be made by GenesisIntermedia Inc.) contains statements and other matters that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, actual results may differ materially from those expressed in any forward-looking statements made by GenesisIntermedia Inc. For a description of additional risks and uncertainties, refer to the GenesisIntermedia Inc. filings with the Securities and Exchange Commission, including GenesisIntermedia Inc.'s Form 10-K.
CONTACT:
GenesisIntermedia Inc.
Robert Bleckman, 818/902-4397
robertb@genesisintermedia.com
KEYWORD: CALIFORNIA
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