BURLESON, Texas -- Genesis Capital Corp. of Nevada (OTCBB: GNCP), has signed an agreement to acquire all of the capital stock of RBSI Inc., a Nevada corporation.
RBSI's sole shareholder and company president, Randy Coleman, has represented to Genesis that RBSI had unaudited 1999 sales of $17 million. The acquisition is subject to customary conditions being met by both parties before closing, which is anticipated to be on or about April 15.
Under the agreement, Genesis will issue 8 million shares of its restricted common stock in exchange for 100 percent of the issued and outstanding common stock of RBSI Inc. All RBSI stock is owned by Coleman. Genesis currently has 2,067,911 shares of common stock issued and outstanding, so the 8 million share issuance would give Coleman a controlling interest in Genesis.
In connection with the agreement, RBSI's employees have signed a four-year, non-compete agreement with Genesis.
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