$GEGI .0019 ^26% NEWS! All Content and Data pro
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Posted On: 06/06/2023 11:11:25 AM
$GEGI .0019 ^26% NEWS!
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Genesis Electronics Group Announces New Rail Testing and Safety Inspection Capabilities on Its GlīdersCutting-edge rail inspection and safety testing technology will allow data to be transmitted to rail owners at the same time as shipping freight
GLOBENEWSWIRE 3:01 AM ET 6/6/2023
Symbol Last Price Change
GEGI 0.0019up +0.0004 (+26.666667%)
QUOTES AS OF 11:06:48 AM ET 06/06/2023
Salt Lake City, UT, June 06, 2023 (GLOBE NEWSWIRE) -- Salt Lake City, UT – June 6, 2023 – Genesis Electronics Group, Inc.(GEGI) , the maker of the autonomous road-to-rail patent-pending shipping technology, Glīd, announced that it will be building bleeding-edge rail inspection and safety testing technology within its Glīder units, allowing the transmission of critical safety data back to Glīd operators and railroad owners.
In pursuit of our commitment to safety, Genesis Electronics Group(GEGI) would like to announce one of the key features provided in our Glīder units. Each unit pair will be equipped with rail inspection capabilities allowing for the ability to detect rail defects by inspecting track condition rail profile, and other hazards using NDE/T (Non-Destructive Evaluation/Test) technology and methods. The system is comprised of high-quality point-tilt-zoom (PTZ) camera systems and 3DLOC software which enables the Glīder to geotag data during the inspection and download it directly to Glīd’s database as a part of our GLaaS (Glīder-as-a-Service) product offering. This allows the Glīder to inspect the rail and track as it traverses to its destination, while providing a comprehensive report on its findings to the customer and the rail owner as a part of the service which will enable each to plan outages more precisely and efficiently, resulting in reduced down time and lost revenue.
Traditionally, rail tracks are inspected by human inspectors and/or manually operated machines called track recording vehicles (TRVs). When the process is conducted by human inspectors, it requires them to walk along tracks and conduct measurements manually using track gauge meters coupled with visual surveys. This kind of inspection is labor-intensive (subjecting the inspector to bad weather conditions), time-consuming, costly, dangerous, and offers discrete information and subjective results. When using TRVs or inspection trolleys, the railway inspection is conducted requiring at least two human inspectors present. Given the high cost of the equipment and labor associated to run the test, most tracks may not be inspected frequently enough to identify potential safety hazards. With Glīders, rail can be inspected each time the Glīder goes down the track, so that manual or more thorough inspections and repairs can be made.
According to the Federal Railroad Administration, from 2018 to 2021 alone, there were 783 train derailments with the main cause being track failure. These 783 derailments cost 14 lives and over $165,000,000 in direct costs, not including indirect costs to surrounding communities or the loss of revenue due to unusable lines.
“We seek the opportunity to support and equip the deployment and implementation of Intelligent Rail Systems here in the United States”, stated Kevin Damoa, CEO of GEGI and Glīd, “The keys to achieving this National aspiration is the adoption and interlinking of autonomous solutions (that are managed and monitored by technicians and analyst, who are seeking areas for improvement while monitoring the quality of the service) with more efficient methods of transportation that take into account the strengths and weaknesses of each land-based mode and deploys the best of both applications to enable the best path to a decarbonized future.”
Genesis Electronics Group (GEGI) has received high praise and interest from short-track rail owners as they have designed and discussed the application of Glīd units in respect to performing track inspections while simultaneously transporting freight. The Company intends to include this new technology within Its first few Beta units.
About Genesis Electronics Group, Inc.
Genesis Electronics Group (GEGI), 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(GEGI) plans on owning and operating each Glīder in its fleet, and providing a “Glider-as-a-Service” business model.
Forward-Looking Statements
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.
Press Contact:
Genesis Electronics Group, Inc.(GEGI)
communications@genesis-electronics.com
Image: https://www.globenewswire.com/newsroom/ti?nf=...IwMTk1ODY=
Image: https://ml.globenewswire.com/media/MTg1MjA1YT...p-Inc-.png
Image: Primary Logo
Source: Genesis Electronics Group, Inc.(GEGI)
2023 GlobeNewswire, Inc.
All Content and Data provided by Third-Parties — Terms of Use
Genesis Electronics Group Announces New Rail Testing and Safety Inspection Capabilities on Its GlīdersCutting-edge rail inspection and safety testing technology will allow data to be transmitted to rail owners at the same time as shipping freight
GLOBENEWSWIRE 3:01 AM ET 6/6/2023
Symbol Last Price Change
GEGI 0.0019up +0.0004 (+26.666667%)
QUOTES AS OF 11:06:48 AM ET 06/06/2023
Salt Lake City, UT, June 06, 2023 (GLOBE NEWSWIRE) -- Salt Lake City, UT – June 6, 2023 – Genesis Electronics Group, Inc.(GEGI) , the maker of the autonomous road-to-rail patent-pending shipping technology, Glīd, announced that it will be building bleeding-edge rail inspection and safety testing technology within its Glīder units, allowing the transmission of critical safety data back to Glīd operators and railroad owners.
In pursuit of our commitment to safety, Genesis Electronics Group(GEGI) would like to announce one of the key features provided in our Glīder units. Each unit pair will be equipped with rail inspection capabilities allowing for the ability to detect rail defects by inspecting track condition rail profile, and other hazards using NDE/T (Non-Destructive Evaluation/Test) technology and methods. The system is comprised of high-quality point-tilt-zoom (PTZ) camera systems and 3DLOC software which enables the Glīder to geotag data during the inspection and download it directly to Glīd’s database as a part of our GLaaS (Glīder-as-a-Service) product offering. This allows the Glīder to inspect the rail and track as it traverses to its destination, while providing a comprehensive report on its findings to the customer and the rail owner as a part of the service which will enable each to plan outages more precisely and efficiently, resulting in reduced down time and lost revenue.
Traditionally, rail tracks are inspected by human inspectors and/or manually operated machines called track recording vehicles (TRVs). When the process is conducted by human inspectors, it requires them to walk along tracks and conduct measurements manually using track gauge meters coupled with visual surveys. This kind of inspection is labor-intensive (subjecting the inspector to bad weather conditions), time-consuming, costly, dangerous, and offers discrete information and subjective results. When using TRVs or inspection trolleys, the railway inspection is conducted requiring at least two human inspectors present. Given the high cost of the equipment and labor associated to run the test, most tracks may not be inspected frequently enough to identify potential safety hazards. With Glīders, rail can be inspected each time the Glīder goes down the track, so that manual or more thorough inspections and repairs can be made.
According to the Federal Railroad Administration, from 2018 to 2021 alone, there were 783 train derailments with the main cause being track failure. These 783 derailments cost 14 lives and over $165,000,000 in direct costs, not including indirect costs to surrounding communities or the loss of revenue due to unusable lines.
“We seek the opportunity to support and equip the deployment and implementation of Intelligent Rail Systems here in the United States”, stated Kevin Damoa, CEO of GEGI and Glīd, “The keys to achieving this National aspiration is the adoption and interlinking of autonomous solutions (that are managed and monitored by technicians and analyst, who are seeking areas for improvement while monitoring the quality of the service) with more efficient methods of transportation that take into account the strengths and weaknesses of each land-based mode and deploys the best of both applications to enable the best path to a decarbonized future.”
Genesis Electronics Group (GEGI) has received high praise and interest from short-track rail owners as they have designed and discussed the application of Glīd units in respect to performing track inspections while simultaneously transporting freight. The Company intends to include this new technology within Its first few Beta units.
About Genesis Electronics Group, Inc.
Genesis Electronics Group (GEGI), 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(GEGI) plans on owning and operating each Glīder in its fleet, and providing a “Glider-as-a-Service” business model.
Forward-Looking Statements
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.
Press Contact:
Genesis Electronics Group, Inc.(GEGI)
communications@genesis-electronics.com
Image: https://www.globenewswire.com/newsroom/ti?nf=...IwMTk1ODY=
Image: https://ml.globenewswire.com/media/MTg1MjA1YT...p-Inc-.png
Image: Primary Logo
Source: Genesis Electronics Group, Inc.(GEGI)
2023 GlobeNewswire, Inc.
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