My simple GDCOF strategy: All I can eat until the merger

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Strategies & Market Trends
My simple GDCOF strategy: All I can eat until the merger

An SI Board Since June 1999

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Introduction Compact

GDCOF may very well be the biggest steal of the summer:

Genesis Development & Construction, Ltd. (Nasdaq: GDCOF)announced in a press release dated May 20th (posted below) that they had entered into a merger agreement with Internet Cable Corporation (OTCBB:ICBL). ICBL had been functioning as a broadband cable Internet provider, and GDCOF had been known as an international real estate development company. This merger combines the UTILITY COMPANY with the CABLE INTERNET COMPANY. See it at cablewave.net

As Claudeke noted on Raging Bull ragingbull.com : "You'll get 1.25 GDCOF and 1 warrant to buy 1 GDCOF at 2 3/8 for each ICBL. So GDCOF closed at 5 3/8, this puts ICBL around 10 3/4. Upon the completion of the merger, the company will be called ICBL. Great buying opportunity." (I believe these details, if I recall correctly, are posted in GDCOF's EDGAR filings--I'll post the link when I get it) The bottom line is that if you have any faith whatsoever in the future of cable modem Internet access, then GDCOF could be the STEAL OF THE SUMMER.

Here is the Yahoo! Finance quotes for the merging companies:
quote.yahoo.com

Let's get this thread rolling...
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Thursday May 20, 3:32 pm Eastern Time
Company Press Release

Internet Cable Corporation and Genesis Development Announce $100 Million Merger
CHARLESTON, S.C.--(BUSINESS WIRE)--May 20, 1999--Internet Cable Corporation (OTC BB: ICBL - news), a broadband Internet provider, and Genesis Development & Construction, Ltd. (Nasdaq: GDCOF - news; Nasdaq: GDCUF - news), an international real estate development company, announced today the execution of a memorandum of understanding pursuant to which the shareholders of Internet Cable Corporation will exchange their stock for stock in a new US holding company to be formed by Genesis and to be called Internet Cable Corporation.

The shareholders of Internet Cable, after giving effect to this transaction, will own approximately 59 percent of issued and outstanding common stock of Genesis and, in addition, will receive warrants to purchase an additional 8 million shares, exercisable at $2.375.

The transaction is subject to, among other things, appropriate due diligence, execution of definitive agreements, approval of both board of directors and shareholders and fairness opinion letters. The memorandum of understanding has been presented to and approved by the board of directors of Internet Cable Corporation and Genesis Development & Construction.

Genesis Development and Construction, Ltd. is an international commercial and residential developer. ''The combination of Genesis and Internet Cable allows us to bolster the Smart Home technologies and design expertise we offer in our communities,'' said Eli Aran, Chairman of Genesis.

Internet Cable Corporation, headquartered in Charleston, South Carolina, is in the business of administering high-speed Internet access for cable TV. The use of cable modems for Internet access provides customers the ability to download and upload multi-media at speeds hundreds of times faster than those of typical telephone modems. Commenting on this alliance, Timothy R. Karnes, President and CEO of Internet Cable Corporation, said, ''We look forward to expanding our Smart-Homes and cable modem technology internationally.''

This will position Internet Cable Corporation to compete in markets involving such players as Earthlink (Nasdaq:ELNK - news), PSINET (Nasdaq:PSIX - news), Concentric (Nasdaq:CNCX - news), AOL (NYSE:AOL - news), Microsoft (Nasdaq:MSFT - news), AT&T (NYSE: T - news), Comcast Corporation (Nasdaq:CMCSA - news) and @Home (Nasdaq: ATHM - news) who are also racing to deliver the next generation in voice and data delivery worldwide. Smart Home enhanced services will include; cable television, telephony, two-way data / high-speed Internet access, security and environmental controls.

''Safe Harbor'' statement under the Private Securities Litigation Reform Act of 1995: Statements in this release regarding Internet Cable and Genesis's business, which are not historical facts, are ''forward-looking statements'' that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements in this release, see the ''Risk Factors'' section in the company's prospectus dated April 19, 1999.

---------------------------
Contact:

Consulting for Strategic Growth Ltd.
Stanley Wunderlich, 516/625-4523 or 800/625-2236
cfsg@iname.com
or
Internet Cable Corp., Charleston
Timothy R. Karnes, 843/722-8007 or 800/699-1224
info@cablewave.net
or
Genesis Development & Construction Ltd.
Eli Aran, 914/634-0300
gdcuf@aol.com

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