Genesis Media Group, Inc. Closes a 6 Million Dollar Contract
PR Newswire - April 24, 1998 10:30
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Genesis Media Group, Inc. Announces the Closing of Another Wholesale
Telecommunications Contract
Additional Annual Gross Billing To The Company Could Be
As High As 24 Million
CULVER CITY, Calif., April 24 /PRNewswire/ -- Don R. Logan, Chairman of
the Board of Genesis Media Group Inc., (OTC Bulletin Board: GNNX) announced
that the company has closed a telecommunications contract to provide wholesale
long distance service to the country of China. The initial capacity will be
for 1 million minutes per month, for the next 12 months, with the possibility
of increasing to 4 million minutes per month within the first 30 days of
service. The gross billings received from this contract, to the company, will
be between 500,000 and 2 million dollars per month, and between 6 to 24
million dollars annually.
Genesis is a diversified company in the business of media advertising,
media placement, distribution, telecommunications and networking. With the
use of the company's own studio facilities, Genesis offers professional
production and post production services, by way of the industry's most
advanced hi-tech editing equipment, Genesis also holds an extensive music
library that is currently in the process of being digitally re-mastered. The
company is able to re-score music sound tracks for motion pictures and
television productions.
Certain statements in this press release may include forward looking
estimates such as availability of funding as well as technical and business
progress. The company's actual results may vary due to risk uncertainties
such as delays in installation of equipment.
SOURCE Genesis Media Group, Inc.
/CONTACT: Jay Goldberg, Investor Relations of Carnegie Cooke & Co., Inc.
for Genesis Media Group, Inc., 800-262-2331, jayg@sprintmail.com; or Dutch
Associates, Investment Banker, 718-850-5966/
/Web site: gnnx.com
(GNNX) |
