MANCHESTER, N.H., Oct. 17, 2014 (GLOBE NEWSWIRE) -- Management of Genesis Electronics Group, Inc. (OTC Pink:GEGI) announced today that they have completed the requirements and are now listed on Pink Sheet as "Current." The Company filed a form 15 on October 1, 2014 to terminate being an SEC 1934 Act reporting company and has subsequently filed the necessary disclosures as specified by OTC Markets.
In January of 2014, the Company entered into a stock purchase agreement with Defense Technology Corporation (DTC). DTC was formed in 2007 to bring products to market in areas of personal and collateral protection using unique technology to achieve superior protection products for military personnel and at schools and public facilities. The transaction is expected to close in the 4th quarter of 2014.
In September of 2014, the Company formed a wholly owned subsidiary, Genesis Mining Corporation, and acquired the assets to a fully developed mineral (gold) company that controls the lease rights and has future purchase rights to 985 acres known as the Osceola Mining District located in Nevada. The company also controls the potential water rights. The property is located in Nevada, 29 miles Southeast of Ely. Additional information will be provided in the Company's disclosures and follow on releases. www.genesisminingcorp.com
Mr. Raymond Purdon, President & CEO, commented, "We are very excited about both of our recent acquisitions and will continue to seek companies that will increase shareholder value."
About Genesis Electronics Group, Inc.
Genesis Electronics Group, Inc. is a holding company which makes acquisitions, investments, and enters into strategic business partnerships. The Company works with organizations that are looking for capital, management assistance, or help in reaching their target markets to realize their true potential. In May 2008, Genesis completed a merger with Genesis Electronics, Inc., a company that is engaged in the development of solar and alternative energy applications for consumer devices such as mobile phones device. www.genesiselctroincsgroup.com
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Genesis to be materially different from those expressed or implied by such forward-looking statements. Genesis's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors.