HOLLYWOOD, Calif., Aug. 30, 2010 (GLOBE NEWSWIRE) -- On July 1, 2010, Matthew Crouch, then Chairman of the Board of Gener8Xion (Pink Sheets:GNXE), and his wife, Laurie Crouch entered into a Stock Purchase and Sale Agreement and sold 100% of their shares of stock in the Company to Richard and Maria Cook. Pursuant to the Purchase Agreement, the purchase price is $.01 a share for a total of $88,000. The Cooks will pay the Purchase Price from their own funds in monthly installments within 2 years. As a result of the Share Purchase, the Cooks own approximately 51% of the outstanding Common Stock of the Company.
On July 16, 2010 at a meeting of the Board of Directors of the Company, Mr. Crouch resigned as Chief Executive Officer, Chairman and director.
Mr. Crouch states, "Today is the fulfillment of a transition that began three and a half years ago when my father asked me to serve on the Board of Directors at Trinity Broadcasting Network. This request came unexpectedly and just after he had suffered a serious fall. Laurie and I accepted the position and since then we've taken some time to strategize, with other majority shareholders. This led to a succession plan for Laurie and me culminating into the complete liquidation of our stock position and my resignation. I couldn't feel more comfortable or more excited about leaving Gener8Xion in the capable hands of Rich Cook and Ron Heineman. I believe these two men can take the company to the next level and truly impact this generation through the power of film and television fulfilling the vision God birthed in Laurie and me many years ago."
On July 16, 2010 the Board of Directors appointed Richard J. Cook as the new Chief Executive Officer for the corporation. Mr. Cook states, "I am honored to serve a company with such a rich history of being a rock in the entertainment industry. I am confident that I can help lead the management team towards a fruitful business model and thus help fulfill the nearly two decade old vision that the Crouches have implemented and modeled, which is to bring faith and values to our hurting world through entertainment."
Richard J. Cook, age 39, has been President of the Company since 2008 and has been the de facto manager and chief operating officer of the Company for ten years. Mr. Cook will continue to serve as the President of the Company.
Also on July 16, 2010 the Board of Directors elected Ronald Heineman as director and Chairman of the Board of Directors to fill the vacancy caused by the resignation of Matthew Crouch. Ronald Heineman, age 53, is the Chief Executive Officer and Chairman of the Board of Debut Broadcasting Corporation, a publicly held company. Mr. Heineman was formerly the Chief Executive Officer of Resolve Incorporated, ELS, Inc. and General Employment Enterprises, which are publically held companies. Mr. Heineman is currently Managing Director of the Investment Fund, RiverFalls Financial Services, and has served on the board of directors with Debut Broadcasting and other public companies. In addition, he has served as Chief Restructuring Officer (CRO) and CEO of several of RiverFalls portfolio Companies. Mr. Heineman has Bachelors and Masters degrees. Mr. Heineman states, "I am looking forward to assisting the management team and board of directors of Gener8Xion carry out the vision established by many dedicated stakeholders throughout the years in building this brand of fine films. The team looks forward to expanding the brand while preserving the values Gener8Xion is known for. We look forward to reporting on our future progress."
About Gener8Xion
Gener8Xion Entertainment, Inc. () is engaged in the development, acquisition, financing, production, and worldwide licensing of feature films and television projects in the family/faith-based genre.
CONTACT: Gener8Xion Entertainment, Inc. Ronald Heineman (323) 874-9888