[ACCESSWIRE]
RED BANK, NJ / ACCESSWIRE / July 2, 2015 / Management of Genesis Electronics Group, Inc. (PINKSHEETS: GEGI) announced today that they have entered into an agreement for $2,500,000 in financing from a private individual. The transaction is in the form of a convertible note with an equity position and, as per the terms of the agreement at closing, the Company has received the initial tranche for $500,000.
In March of the this year the Company finalized the lease and mining agreement for a 20 acre claim on the property known as "Mav5-E." Located in the Osceola Mining District in Nevada, White Pine County, approximately 29 miles southeast of Ely, the project consists of 985 acres is divided up in thirteen claims. The Company operates the mine through its wholly owned subsidiary, Genesis Mining Corp: www.genesisminingcorp.com.
The initial funding is being utilized to fulfill its obligation to provide its reclamation bond through the Bureau of Land Mgt. (BLM).
Mr. Raymond F. Purdon, President & CEO, commented, "With this funding commitment we are now ready to launch the "Mav5-E" project. This first step of satisfying the requirement of the bond allows us to move the process to the next level and realize the full potential of the property. We believe that this opportunity puts the Company in position to generate income and provide 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. http://genesiselectronicsgroup.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.
For more information contact:
Raymond F. Purdon
Tel: (732) 936-8690
Email: info@gennesiselectronicsgroup.com
SOURCE: Genesis Electronics Group, Inc.