UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 26, 2020
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Genesys Industries, Inc.
(Exact name of registrant as specified in its charter)
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| Florida | 333-213387 | 30-0852686 |
| (State or Other Jurisdiction | (Commission | (I.R.S. Employer |
| of Incorporation) | File Number) | Identification No.) |
1914 24th Ave E
Palmetto, Florida 34221
Tel:
941.722.3600
(Address and telephone number of principal executive offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
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Section 7 – Regulation FD
Item 7.01. Regulation FD Disclosure
On February 26, 2020, Genesys Industries, Inc. (the “Company”) published a press release Genesys Industries Announces New Share Repurchase Program.
A copy of the press release is attached hereto as Exhibit 99.1. to this report. The information contained herein and the exhibit attached herewith shall be deemed furnished and not filed.
Section 8 – Other Events
Item 8.01. Other Events.
A copy of the press release is filed herewith as Exhibit 99.1.
| Exhibit No. | Description |
| 99.1 | Press release, dated February 26, 2020 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Genesys Industries, Inc. | ||
| Date: February 26, 2020 | By: /s/ Shefali Vibhakar | |
| Shefali Vibhakaer | ||
| CFO & Director |
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Genesys Industries Announces New Share Repurchase Program.
NEW YORK, NY – February 26, 2020 (TheNewsWire) – Genesys Industries, Inc (OTCBB: GEIN) (OTCMKTS: GEIN) $GEIN – a diversified precision products manufacturer announced today that its Board of Directors has approved a new share repurchase authorization for the Company’s common stock, under which the Company may repurchase up to 500,000 of its outstanding common shares GEIN, over the next 12 months, depending on market conditions.
Under the stock repurchase program, the Company intends to repurchase shares through open market purchases, privately-negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act.
Company Spokesperson commented, “Our decision to initiate a new share repurchase program was based on recent volatility, retained earnings, capital position as well as the underlying value of our common stock at this time. We continue to believe a share repurchase program represents an appropriate way to utilize retained earnings and is a continuation of our long-term strategy to drive long term growth.”
About
Genesys Industries
Genesys Industries is a diversified multi-industry advanced manufacturer of complex components and products. The company
is a vertically integrated precision products manufacturer with core emphasis on product design, engineering and precision manufacturing
of complex components and products. Some of the industries served include Aviation, Automotive, Building Materials, Food
Processing, Industrial, Maritime, Medical, Railroad, Oil and Gas, Packaging, Telecom, Textiles, Pulp Paper, Transportation and
many more. Follow us on twitter @genesysind or $GEIN
For more information on Genesys Industries, please visit www.genesysindustries.com
Contact Information.
Investor
Relations
Genesys Industries, Inc
Phone: 941-722-3600
ir@genesysindustries.com
Safe
Harbor Statement
This press release contains forward-looking statements. Actual results could differ materially
from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein
are as of the date of this press release and should not be relied upon as of any subsequent date. Statements contained in this
press release regarding the company intentions, hopes, beliefs, expectations, or predictions of the future are "forward-looking''
statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the Company's
current expectations, forecasts, and assumptions that are subject to risks, uncertainties, and other factors that could cause
actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties,
and other factors include, but are not limited to, the risks and uncertainties discussed under the heading "Risk Factors"
in the Company's Financial Reports. This press release does not form any part of a prospectus or offering. The Company undertakes
no obligation to update any of the information included in this release, except as otherwise required by law.