Salt Lake City, UT, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Genesis Electronics Group Acquires Glīd, LLC
Genesis Electronics acquires Glīd to bring autonomous road to rail shipping technology to the market
Salt Lake City, UT – October 26, 2022 – Genesis Electronics Group, Inc. (GEGI), today announced that It has executed merger agreements with Glīd, LLC, (pronounced as Glide) a Utah-based autonomous electric shipping technology company (https://glidrail.com/).
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.
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.
Mr. Braden Jones, CEO of Genesis Electronics Group, Inc., is also a co-founder of Glid, LLC.
Mr. Jones commented “We have been building Glīd in stealth mode for the past two years, and when an opportunity came a long to take over Genesis Electronics Group we knew that we had merge the two together. All of the new and exciting EV tech companies are generally only available for accredited investors or VC Funds to invest in during the early stages. We wanted to shake up the industry and allow non-accredited investors to have an opportunity to be shareholders in such an exciting technology through purchasing already publicly-traded shares of $GEGI or through a follow-on public offering such as a Reg A+.
Mr. Jones continued, “Glīd was born by asking this simple question ‘how can we get autonomous electric vehicles on the road quicker than anyone else, without all of the level 5 government restrictions?’ What has followed over the past 2 years has been an exciting journey, discovering how to leverage the efficiencies of rail to transport traditional semi-trailers. For example, autonomous driving over the rails is drastically safer than over the road. Removing semi-trailers from the road will reduce congestion, accidents and the trucking industry’s carbon footprint. Our battery ranges will go further due to reduction of friction as well as the ability to carry more battery weight over the rails. The list of advantages goes on and on.”
Mr. Jones continued, “I have owned and operated traditional semi trucking companies for the past decade. The younger generation of driver doesn’t want to be gone for days on end. Building Glīd has been a passion project to figure out how we can transport cargo autonomously with existing semi trailers over the rails. Out of that passion to accomplish this we have realized that traditional shipping companies could make more money by shipping cargo long distances with us which would enable their fleets to focus on shorter routes that allowed their drivers to be home at night. In essence they could make nearly the same amount of money shipping with us as they would if they sent their own fleets that full distance. It is a win/win for both of us.” Glīd also provides rail companies with revenue from frieght that has not traditionally been hauled over the rails.
Glīd anticipates that its prototype units will be operational and moving demonstrable cargo in the next 4-6 months. After these units pass the rail industry standard safety measures, they can become fully deployable. In addition, the Company has already had promising discussions with one of the largest railroad operators in the United States. In addition, the Company is very well connected with large trucking companies and has progressed several converations indicating high levels of interest.
The business model that Glīd anticipates using is to become its own carrier, building and operating its own fleet. By using this business model, we will bring two methods of transportation together. Bringing over the road transportation to rails while increasing the bottom line of both.
Mr. Jones concluded, “It has been extremely hard for me to be quiet knowing what we are building and the team we are assembling. We had to make sure Glīd has all the necessary provisional patents in place before putting the pieces together. We will need to aggressively raise money so we can get to market as soon as possible. I have stood firm on my intentions to bring this investment opportunity to the general public first, instead of raising money from traditional private equity or venture capital groups. Doing it this way, we can give the opportunity to loyal shareholders such as $GEGI already has, to benefit from our intended growth. There will be a lot more news to come, this is just the beginning. Buckle up, we hope you will come along with us for this ride!”
Genesis Electronics Group purchased Glīd, LLC for $4,000,000 USD. The Company authorized $2,000,000 of the purchased price to be paid in the form of convertible preferred stock and $2,000,000 of the purchase price in the form of a convertible note.
As previously announced, Genesis Electronics launched a new website (www.genesis-electronics.com) that will continue to evolve as our vision narrows within this industry. In addition, the Company has established a formal corporate Twitter account to better communicate with our shareholders and the public. That Twitter handle is: @GenesisElectro4.
About Genesis Electronics Group, Inc.
Genesis Electronics Group is assembling a team of autonomous experts to identify companies and/or technologies that can be acquired and applied to specific industries that are ripe for disruption.
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