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GenesisIntermedia.com receives $5M credit line
April 21, 2002
LOS ANGELES - GenesisIntermedia.com Inc. (Nasdaq:
GENI) (Frankfurt: GIA), a developer of Internet technologies and Internet companies, today announced that it had received an additional $5 million on an existing credit line from institutional investors. The funding will be used for the continued rollout of the Centerlinq network kiosks in shopping malls throughout the U.S., and for expanding the capabilities of other operating units.The Centerlinq kiosk rollout continues through December, with installation in markets that are new to the network. New kiosk sites include New York City, Chicago, Philadelphia, Boston, Dallas/Fort Worth and Washington, D.C. Additionally, Centerlinq is being installed in shopping malls in existing Centerlinq markets that include Los Angeles and San Francisco. Other key markets where Centerlinq has either gone live or is expected to shortly go live include Detroit, Seattle, Tampa, Orlando, Denver, Phoenix, Cleveland and Buffalo.
GENI also announced that Car Rental Direct.com (CRD), one of its operating units, has had a previously extended credit line expanded by $9 million, bringing the total funding extended to CRD to $20.2 million since it was bought by GENI. CRD is Internet through promotion on Centerlinq.
Car Rental Direct.com currently has 11 locations and expects to have 16 by the end of 2000.
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