Genesis Capital Corp. of Nevada Announces Closing on Stock Purchase Agreement

Business Wire, Oct 31, 2001

Business Editors

MIAMI--(BUSINESS WIRE)--Oct. 31, 2001

Genesis Capital Corp. of Nevada ("Genesis") (OTCBB: GNCP) Wednesday announced that it has closed on a transaction wherein Genesis has acquired 100 percent of the issued and outstanding shares of Senior Lifestyle Communities Inc., a Nevada corporation ("Senior").

The Senior shares were purchased from Christopher Astrom for 54,110,309 shares of Genesis' $0.001 par value common stock and 1,477,345 shares of Genesis' $0.001 par value preferred stock. The issuance of the shares to Astrom brings the total issued common shares of Genesis to 56,958,220 shares and the total issued preferred shares to 1,555,100.

Genesis will file an 8-K report with the Securities and Exchange Commission giving more details about the transaction.

Senior's plan is to become a residential real estate development company through its wholly owned subsidiary, Senior Adult Lifestyle Inc. The focus will be on developing active adult communities which include condominium developments which are restricted to residents 55 and over. The development efforts will occur in the northeast portion of the United States.

Thus far, five towns in Connecticut are being considered for the development of in excess of 500 condominium units. The estimated sales price for each unit is between $175,000 and $250,000. The development will involve property with a combined value of approximately $1.5 million.

A number of statements contained in this press release are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements involve a number of risks and uncertainties, including the timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing.

The actual results that AXIA may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.