Genesis Electronics Group Announces the Appointment of
Salt Lake City, UT, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Genesis Electronics Group Announces the Appointment of Kevin Damoa as New Chief Executive Officer
Mr. Damoa’s deep industry experience and skill set will accelerate the Company’s business plan
Salt Lake City, UT – February 13, 2023 – Genesis Electronics Group, Inc. (GEGI), the maker of the autonomous road-to-rail patent-pending shipping technology Glīd, today announced that It has appointed Kevin Damoa as the New Chief Executive Officer of the Company.
Mr. Damoa is an experienced Operations Professional and military veteran with a demonstrated history of working in the Aviation & Aerospace, Electrification, E-Mobility, and Defense industries. Mr. Damoa has held critical leadership positions at early start ups and well-established corporations. His history includes Flight Module Logistics Management at SpaceX, Integration Project Manager at Northrop Grumann, Vice President at Romeo Power Technology, Vice President at XOS Trucks, Logistics & Safety Director at Canoo, and VP of Operations at Serial 1 Cycle Company.
Mr. Damoa is skilled in Operations Management, Program/Project Management, Compliance Engineering, Logistics Operations, Team Building, Organizational Leadership, and Mechanical/Structural Design. This background and experience will be instrumental in the production of our Glīders and development of our business plan.
Prior to his appointment as CEO, Mr. Damoa was a Strategic Advisor to the Board of Directors. During his time as Strategic Advisor, it became apparent that Mr. Damoa contained the skills, experience and personality to lead the Company into this next exciting chapter of Company growth.
As part of the appointment of Mr. Damoa as CEO, Braden Jones will resign as CEO but remain Chairman of the Board.
Mr. Jones commented, “It is not every day that a young Company like Genesis Electronics Group can hire someone as experienced and valuable as Kevin. As a co-founder of Glīd, Kevin’s vast depth of knowledge and experience helped shave off years of trials and errors. When we decided to merge Glīd with Genesis Electronics Group, we knew Kevin would be the right person to lead the Company.”
Mr. Jones continued “With our current and future rapid growth we will remain vigilant in placing the right talent in the respective positions within our company. I will be relieved of some of my current CEO responsibilities where I can now focus my best talents on the technical development and deployment of our Glīders. We have been hard at work and we have many exciting developments to report in the near future.”
As previously announced, Genesis Electronics merged with Glīd (www.glidrail.com) on October 26, 2022. In addition, the Company’s Regulation A+ offering was recently qualified by the SEC, making fundraising and growth efforts much easier.
Glīd aims to take a slice of the massive trucking industry (worth about $732B dollars in 2020 according to Statista) along with the global railroad industry (worth approximately $295B in 2021 according to Grandview Research) by deploying a new way to ship existing semi-trailers over the rails.
As diesel and gas prices have soared, making it more expensive for traditional over-the-road trucking companies to make money, and as the nation has faced driver shortages, railroad union strikes and congestion in ports, Glīd is positioning itself to be an alternative shipping provider that solves many of these industry problems.
Glīd’s patent-pending technology, the first of its kind, enables two specially-made “Glīder” vehicles to independently and autonomously move under an unaltered fully-loaded semi trailer, connect to both the king pin and rear axel and then lift the trailer. Once the trailer is lifted off the ground, the Glīders, using a uniquely designed wheel system will be able to enter railroad tracks (via forked rail spurs, asphalt or concrete roads) deploy rail wheels and then transport the semi-trailer and travel at speeds of up to 70-80 mph. A video demonstration of the technology can be viewed here.
Unlike traditional methods of transporting semi-trailers by stacking them on a rail cars, and then those rail cars sitting in ports for days or weeks sometimes, Glīders are able to easily move from rail to private roads making connections much easier, cheaper and faster. Each Glīder can exit the rails onto a private lot, where a semi tractor could then pick it up and take it on the final leg of its destination.
Genesis Electronics Group plans on building and operating each Glīder with a new Glīder-as-a-Service or “G-a-a-S” model. This will allow partners or operators to benefit from the use of these vehicles and technology, without the heavy up front capital expenditures.
More about the Company’s business plans will be released in the near future.
About Genesis Electronics Group, Inc.
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.
This press release may contain “forward-looking statements.” Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are included in our filings with the Securities and Exchange Commission, including the “Risk Factors” section of our annual disclosure report on the OTC Markets for the year ended December 31, 2020. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as may be required under applicable law.
Genesis Electronics Group, Inc.
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