Genesis Electronics Group Inc. (OTC:GEGI) Stock Takes a Hit: Here is Why

This morning, most investors are going to be interested in looking into those companies that may have been in the news on Wednesday, and one of those could well be Genesis Electronics Group Inc. (OTC:GEGI). The company came into focus yesterday after it announced Travis T. Taylor had acquired voting control in Genesis Electronics Group. However, there were other developments too, which investors ought to look into.

The company announced that it had completed the acquisition of the Fresno, California-based 235 Travel Shop Inc., which generated yearly revenues of more than $11 million. Genesis Electronics Group also exited its investments in Gild-related assets, and the move helped in the cancellation of as much as $2 million in debt as well as all the shares in Series C preferred stock. The company also revealed that it had made a debt-to-equity conversion worth $575000 and also put in place new management.

Travis T. Taylor, who had been recently appointed as the Chief Executive Officer and Chairman of the Board at Genesis Electronics Group, spoke about the latest developments. He noted that the company’s team was highly excited at the prospect of starting on the journey. He noted that the acquisition of 235 Travel Shop was the first of many similar acquisitions from Genesis Electronics Group across the country. The efforts pertaining to the acquisitions would be led by Steven Zabarsky, the Senior Vice President of Acquisitions.

Taylor stated that these initiatives would help in opening new opportunities for Genesis Electronics Group to add retail and wholesale assets in emerging renewable and renewable energy technology spaces. Taylor noted that the company had targeted annual revenues of $100 million by 2026, and everyone at Genesis Electronics Group was committed to the goal. It may be a good time to keep an eye on the Genesis Electronics Group stock.