Genesis Electronics Group Announces Cancellation of Loan Agreement with 40 Brightwater, LLC

Company terminates agreement with 40 Brightwater after not being able to provide funding as agreed


Salt Lake City, UT, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Salt Lake City, UT – September 13, 2023 – Genesis Electronics Group, Inc. (GEGI), the maker of the autonomous road-to-rail patent-pending shipping technology, Glīd, announced that the credit facility previously announced with 40 Brightwater, LLC, to borrow $750,000 never funded, and subsequently, the Company has chosen to terminate the agreement with the Lender due to non-performance.

This much-needed credit facility would have provided the Company with funds needed to support operational cost and contractual obligations with Glīd and their business plan to launch their beta program on time.

Kevin Damoa, CEO of Genesis Electronics Group and Glīd commented, “We have worked patiently with 40 Brightwater for several months past their original promise date of funding (June 15, 2023), providing ample amount of time for them to sort out their lending options via various lending platforms that they stated they had available, but unfortunately they were not able to deliver on the funding previously agreed upon.” Mr. Damoa continued “We were hopeful for these funds to come in given the current capital markets conditions which have proven to be extremely difficult for us to raise the money required to successfully execute on our business plans. We have diligently explored investment and funding options to include private investors, lenders, and a plethora of other financing options, and have unfortunately been unsuccessful acquiring the capital needed. We will continue to scour every option available to us, however we feel it is vitally important that we let our Shareholders know about the difficulties we are facing to obtain the proper funding required to meet corporate obligations and support operational costs.”

About Genesis Electronics Group, Inc.

Genesis Electronics Group, through Its wholly-owned subsidiary Glīd, is building first of Its kind autonomous road-to-rail shipping vehicles called Glīders. Glīders will enable fully-loaded semi- trailers access to rails where traditionally it didn’t make sense. Genesis Electronics Group plans on owning and operating each Glīder in its fleet, and providing a “Glider-as-a-Service” business model.

Forward-Looking Statements

This press release may contain “forward-looking statements.” Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are included in our filings with the Securities and Exchange Commission, including the “Risk Factors” section of our annual disclosure report on the OTC Markets for the year ended December 31, 2020. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as may be required under applicable law.

Press Contact:

Genesis Electronics Group, Inc. communications@genesis-electronics.com