BW1609   August 09, 1999   16:21 Pacific    19:21 Eastern


(BW) (NY-GENESIS-DEVELOPMENT)  (GDCUF) Temporary Liquidator Appointed by Israeli
Court for Genesis Development and Construction Ltd.


Business Editors

NEW YORK--(BUSINESS  WIRE)--August 9, 1999--Genesis Development and Construction
Ltd.  (NASDAQ:  GDCOF,  GDCUF)  announced  today that Daniel  Azougi,  Esq.  was
appointed  temporary  liquidator for the company by the District Court in Haifa,
Israel,  on August 3,  1999,  on an ex parte  motion  in the  matter of  Balfour
Financing and Investments Ltd. versus Genesis Development and Construction Ltd.

The company,  with the advice of counsel, is considering the alternative courses
of action available to it, including,  among others,  the possibility of raising
capital  in order to  satisfy  the  claim  asserted  by  Balfour  Financing  and
Investments Ltd.


- --30--ah/ny*


CONTACT: Genesis Development and Construction Ltd.
         Mr. Yaron Yenni
         Phone:   011-972-4-824-4868
         Fax:     011-972-4-824-5885


KEYWORD:          INTERNATIONAL AFRICA MIDDLE EAST
INDUSTRY KEYWORD: BUILDING/CONSTRUCTION