(MENAFN- GlobeNewsWire - Nasdaq) Salt Lake City, UT, May 26, 2023 (GLOBE NEWSWIRE) -- Salt Lake City, UT – May 26, 2023 – Genesis Electronics Group, Inc. (GEGI), the maker of the autonomous road-to-rail patent-pending shipping technology, Glīd, announced that it has executed loan agreements for a credit facility with 40 Brightwater, LLC, to borrow up to $750,000. The Loan is projected to close and fund, on or before, June 15, 2023.
After their initial investment in GEGI through the Company's Reg A offering, 40 Brightwater, LLC has shown increased interest in the Company's business, technology, management team and business potential and is making this credit facility available for the Company's operations and the build- out of its first Glīder units.
The purposed loan is part of a larger financial arrangement between Clear Rock Sustainable Energy, Inc. (Clear Rock Energy) and 40 Brightwater, LLC, made for the purpose, in part, to establish an expanded business relationship between Genesis Electronics Group, regarding its Glīd autonomous road-to-rail patent-pending shipping technology and Clear Rock Energy to develop new business opportunities in Mexico, Nigeria, South Africa and Zimbabwe, where Clear Rock Energy has subsidiaries and business relationships, for purpose of securing new global markets for Genesis Electronics Group's Glīders.
Kevin Damoa, CEO of Genesis Electronics Group commented,“We have continued to build a relationship with 40 Brightwater, LLC and Shannon Newby and have been very pleased that they have seen our vision and believe that Glīd can be highly disruptive within the current shipping industry. In addition to their previous equity investment, this credit facility will give us additional cash needed to fulfil purchase orders and continue to grow. We couldn't be any more pleased!”
Shannon Newby, CEO of 40 Brightwater, LLC commented“The more time we have spent with management learning about the Glīd technology and the problems it will solve, the more we have wanted to support their efforts by providing them the capital needed to execute and grow. We look forward to providing continued support as they execute on their business plans.”
Marcus Sanders, COO, Clear Rock Sustainable Energy,“We look forward to meeting directly with Kevin Damoa to discuss delivering our substantial global relationships and financial resources to help develop greater opportunities for the Glīd technology.”
In previous announcements, GEGI reported that they have signed a binding purchase order for the first units produced from Taylor Transport out of Vancouver, WA.
Additionally, the Company announced their partnership with the Portland Vancouver Junction Railroad. This strategic partnership will be crucial in the testing and deployment of the Company's Glīders.
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.
About Clear Rock Sustainable Energy
Clear Rock Sustainable Energy, Inc., a Delaware Corporation (Clear Rock) is a vertically integrated sustainable energy company. Clear Rock Energy's primary business is the development and acquisition of utility-scale solar and wind generation projects and electricity storage projects throughout North America. Through subsidiaries, Clear Rock will manufacture solar cells, solar panels, and batteries in state of the art facilities in Panama and Mexico to supply customers in the United States, and to supply Clear Rock Energy's utility-scale solar energy projects. Additionally, Clear Rock's wholly owned subsidiaries in several countries on the African Continent will sell and transport liquified natural gas from its suppliers, and supply lithium from Clear Rock mines in Zimbabwe. Clear Rock has several subsidiaries, including not limited to, Grupo Clear Rock de Mexico, S. de R.L. de C.V., Mexico and Clear Rock Energy Limited, Nigeria.
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Genesis Electronics Group, Inc.
Tags artificial intelligence autonomous technologies decarbonization railroad electric vehicles trucking