USA: Genesee Corporation Responds to Release of Confidential Income Projections

By just-drinks.com editorial team | 8 May 2000

Genesee Corporation (Nasdaq: GENBB) advised investors to disregard all of the net income and pre-tax profit projections for its Genesee Brewing Company subsidiary that were referred to in an article in today's Milwaukee Journal-Sentinel. The Corporation is responding to a story that cited projections for Genesee Brewing Company that were provided in confidence to the owners of City Brewing Company in January and February to facilitate their efforts to obtain financing to acquire Genesee Brewing Company. The Corporation stated that the information that appeared in the article was taken out of context and that the income and profit projections are not meaningful, except in relation to the detailed assumptions and underlying analysis that supported them."The information reported in the Journal-Sentinel was prepared for internal use only and was not intended for public disclosure," said Mark W. Leunig, vice president and director of investor relations. "As a public company, we felt compelled to respond to avoid any misunderstanding regarding the progress we are making to improve Genesee Brewing Company's bottom line," said Mr. Leunig. "The full extent of our progress will be readily apparent in June when Genesee Corporation announces results for its fiscal year that ended last week."