GENESIS FINANCIAL, INC. COMPLETES ACQUISITION OF BEACON GROUP COMPANIES

New York, July 07, 2020 (GLOBE NEWSWIRE) -- Genesis Financial, Inc. GFNL announced today that it successfully completed its acquisition of Beacon Group Companies (renamed The Financial Link Group) on June 30, 2020. The Financial Link Group (TFLG) is an Australian-based nationwide dealer group formed to fill the gap between the institutionally owned dealer groups and the small dealer groups that emerged following implementation of Future of Financial Advice (FOFA) regime by Australia's Parliament in 2012. TFLG's business model is designed to enable authorized representatives to work for an independent dealer group without having to take on their own risk through acquiring their own financial services license. In July 2015, TFLG successfully acquired and merged with a third dealer group and now represents approximately 120 plus authorized representatives, AUD$1.2 billion (USD$850 million) in funds under management (FUM), AUD$50 million (USD$35 million) in a premium in force (PIF) and gross revenue of AUD$19 million (USD$13.5 million)

TFLG will look to expand by onboarding authorized representatives that are looking for a company with a strong compliance regime and support team.

"The acquisition of Beacon Group Companies represents the next stage of evolution of Genesis Financial," commented Russell Cameron, CEO of Genesis Financial. "TFLG has a long and respected history in the financial and annuity industries. TFLG's size, scale, and financial strength provides Genesis with strategic advantages to grow and capitalize on organic and inorganic growth opportunities. We expect continued growth with the acquired business as a platform."

Genesis's acquisition of TLFG was funded by Genesis's capital raise of USD$1 million through the private sales of convertible notes and equity and by the issuance of Genesis common stock to the stakeholders of TFLG.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words like "may," "will," "likely," "should," "expect," "anticipate," "future," "plan," "believe," "intend," "goal," "seek," "estimate," "project," "continue," and variations of such words and similar expressions. These forward-looking statements are not guarantees of future performance and involve risks, assumptions, and uncertainties, including, but not limited to, risks related to: (i) the ability to realize the anticipated benefits of the transaction; (ii) the ability to successfully integrate the business; (iii) disruption from the transaction making it more difficult to maintain business and operational relationships; and (iv) the negative effects of this announcement or the consummation of the transaction on the market price of the Company's common stock. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

The forward-looking statements included in this press release are made only as of the date of this release, and except as otherwise required by federal securities law, Genesis Financial, Inc. does not assume any obligation nor does it intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

Company Contact Info:

Name: Russ Cameron, CEO

Email: russ@gfnlinc.com