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Andros Island Completes Acquisition Genesis Companies

30 March 1999

Andros Island Hotel & Casino, Inc. has completed a previously agreement to acquire all of the assets and business of Airport Auto Auction Sales, Inc., and GenAir, Inc. from Genesis Business Management, Inc., Melbourne, Florida.

The two companies have a reported combined annual revenue of approximately $25 million. Shareholders approved the transaction and a corporate name change to Genesis Enterprises, Inc. at a special meeting on March 26.

Andros will acquire the auto auction business and the charter airline business with 10 million shares of restricted common stock It is expected to take about two weeks or more to change its corporate name and to change the trading symbol of its common stock.

GenAir, Inc. holds a Federal Aviation Administration (FAA) 135 Aircraft Charter license, allowing it to provide charter airline service using its 10-passenger Cessna jet.

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