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.
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