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Microcap & Penny Stocks : Genesis Media Group, Inc (GNNX)
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To: SuperCharged who wrote (2553)3/12/1999 1:39:00 PM
From: Shawn Springer  Read Replies (2) of 3129
 
Be careful when it comes to GNNX press releases. They may issue a release saying someone is paying .50 for the stock - but their past history would suggest not relying on them too much. Just think about it.... why would anyone pay .50 for a stock they can buy on the open market for far less? Would you?

As far as their balance sheet goes - it too is largely fabricated. They still show a 1.8 Million contract A/R - look back at the terms! This was supposed to have been collected in 1998 (mostly). When I last spoke with Carle Conte (I see he is still around), he indicated they had not received much in payment on this 'contract'. Honesty and good accounting practices should require they eliminate this false 'asset' from their books. Likewise, the value of the film library at 41 Million - if that is true, sell it, put the money in a moneymarket account so we can see some returns!

Disclosure: I was very long this stock (stupid me!). I recently sold out at a 95% loss - I find you can trust nothing this company says. I believe there are a number of other investors out there that have been screwed by the false press releases this company has issued. If anyone has filed a lawsuit already, I would be happy to join you.
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