(BW) (NY-GENESIS DEVELOPMENT) (GDCOF) (GDCUF)
Israel Discount Bank , Ltd.  Attempts to Assert Control Over
Genesis Development and Construction Ltd.; CEO Resigns in Protest

Business Editors

NEW  CITY,  NEW   YORK--(BUSINESS   WIRE)--July   29--Genesis   Development  and
Construction Ltd. (NASDAQ:  GDCUF, GDCOF) announced yesterday the resignation of
Moshe Schnapp as Chief Executive Officer, President and a member of its Board of
Directors.

          The Genesis Board named as his  replacement,  on an interim basis, the
Company's Chief Financial Officer, Mr. Yaron Yenni.

          The  Schnapp  resignation,  which came as a complete  surprise  to the
Board, resulted from the ongoing litigation with Israel Discount Bank, Ltd. (the
"Bank")  in the  aftermath  of the  failed  takeover  bid for  control of Granit
HaCarmel  Investments Ltd. Citing the proposed Genesis business combination with
Internet  Cable  Corporation of Charleston,  South Carolina  (OTCBB:  ICBL) as a
matter  of  concern,  and  representing  that it had no prior  knowledge  of the
proposed  merger,  despite  several  related  public  press  releases  and media
coverage,  the Bank sought and obtained an ex parte order from an Israeli  court
appointing  its attorney as trustee  with respect to 2,200,000 of the  Company's
2,939,000 outstanding Class B Ordinary Shares controlled by Messrs.  Schnapp and
Aran.

          Although  Moshe  Schnapp  could not be reached for  comment,  Mr. Aran
stated that "we are appalled by this seeming  grant of power to the Bank and the
potential liabilities which may result from its control over the destiny and the
day-to-day  affairs of Genesis  through the Class B Shares.  I believe  that the
appointment of a trustee has already  destroyed the super majority  voting power
and the additional  economic value attributable to the Class B Shares. I am even
more concerned about the proposed ICBL merger and the related transactions. I am
determined  to find a way to  allow  is to move  forward  and  preserve  for our
shareholders the opportunities presented by the proposed ICBL merger."

          This  report  contains  forward-looking   statements  which  are  made
pursuant to the safe harbor  provisions  of the  Private  Securities  Litigation
Reform  Act  of  1995.  Such   forward-looking   statements  involve  risks  and
uncertainties,  and concern,  among other things,  the ability of the Company to
conduct its business and  consummate  certain  proposed  transactions.  Further,
information regarding these risks is provided from time to time in the Company's
filings with the Securities and Exchange Commission.


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CONTACT: Genesis Development and Construction Ltd.
         Eli Aran, Chairman
         Phone:   (914) 634-0300
         Fax:     (914) 634-8077