SOURCE: Genesis Electronics Group, Inc.

July 22, 2011 16:28 ET

Genesis Electronics Group, Inc. Appoints New CEO

HOLLYWOOD, FL--(Marketwire - Jul 22, 2011) - Genesis Electronics Group, Inc. (OTCBB: GEGI) announced that Edward C. Dillon resigned as President and CEO of the Company on July 19, 2011. The Board of Directors appointed M. Thomas Makmann as Chief Executive Officer effective July 20, 2011. Mr. Dillon will remain as co-chairmen of the Board of Directors with Mr. Raymond Purdon. Mr. Dillon served as its President and CEO since May 2008, has helped the Company develop its business and has been instrumental in the Company's fund raising.

Mr. Makmann joined the Company in July of last year as the Chief Operating Officer with the primary responsibility of finalizing the product design and initiating production of the Company's SunBlazer product. Mr. Makmann is a 30+ year computer, storage and Internet veteran with extensive start-up and early stage company experience. Mr. Makmann has held numerous senior management positions in public and private companies. Mr. Makmann served as President & Chief Operating Officer of nStor Technologies Inc. (AMX), Vice President and General Manager of Archive Corporation (NASDAQ), Vice President-Mobile Storage Products for Maxtor Corporation (NASDAQ) and Vice President and General Manager of the Sytron Division of Rexon (AMX). Mr. Makmann holds a Bachelor of Science in Mechanical Engineering from Michigan Technological University.

Additionally, the Board of Directors announced that Mr. Thomas Gruber will be joining the Company as the Chief Financial Officer replacing Mr. Nelson Stark who is Acting CFO. Mr. Gruber is a Certified Public Accountant with more than 30 years of experience as CFO and other senior executive roles with Fortune 500 and other public companies in sectors including semiconductor design and manufacturing, enterprise storage and consumer electronics. Mr. Gruber was also a partner in a private investment group specializing in management and leveraged buyouts. Prior to that time, Mr. Gruber served as President and Chief Financial Officer of nStor Technologies (AMX), Vice President and General Manager Wireless Power Group (NASDAQ), President and Chief Operating Officer of Signature Lighting, Inc. (NASDAQ), Vice President and Chief Financial Officer of Western Digital Corporation (NYSE), Vice President and Chief Financial Officer of Datatron Inc. (NASDAQ). Mr. Gruber holds a bachelors degree in Business Administration from Ohio University and a master's degree in Business Administration from Pepperdine University.

Raymond Purdon, Chairman of the Company commented, "We appreciate the years of support Ed and Nelson have given the Company and we are excited about the Company's future. As we move toward the launch of the SunBlazer™, the Company is well positioned to achieve its business plan and enhance shareholder value. The addition to the management team will help to assure our potential."

Mr. Makmann added, "Having been involved with the SunBlazer for the last year has given me the opportunity to see its potential. The market potential for a solar powered battery for the iPhone is very large as Apple continues to sells millions of phones per month. We look forward to bringing the SunBlazer to the market and developing future products such as the Android series."

About Genesis Electronics Group, Inc.
Genesis Electronics Group, Inc. is a publicly traded corporation (symbol GEGI) and is the parent company of Genesis Electronics, Inc. Genesis Electronics, Inc. is a developmental stage electronics company with a patented technology "Enhanced Solar to Battery Electronic Technology" that charges a battery from solar energy and efficiently transfers that energy to the battery of an electronic device that optimizes the conversion of light into electrical energy. This technology can be applied to virtually any portable or hand-held electronic device. We developed this technology to produce solar chargers for multi-featured cell phones, such as the G-2000 designed for the iPhone™.

Forward-Looking Statements

Except for historical matters, matters discussed in this release are forward-looking and are made pursuant to the safe harbor provisions of the 1995 Private Securities Litigation Reform Act. Investors are cautioned that these statements reflect numerous assumptions and involve risks and uncertainties that may affect Genesis Electronics Group, Inc., its business and prospects, and cause actual results to differ materially from these statements. Among these factors are Genesis Electronics Group, Inc.'s operations; competition; entry barriers; relationship reliance; technological changes; product demand; new systems introduction; vendors pricing; supply of software.

In light of risks and uncertainties in these forward-looking statements, they should not be regarded as a representation by Genesis Electronics Group, Inc. or any other person that the projected results, objectives or plans will be achieved. Genesis Electronics Group, Inc. undertakes no obligation to revise or update these statements to reflect events or circumstances after the date hereof.

Contact Information

  • For More Information, Contact:
    M. Thomas Makmann
    President & CEO
    Genesis Electronics Group, Inc.
    1-954-272-1200