These initiatives helped to contribute to a 45% increase in revenue over 1999 revenues.
The year 2000 was our first full year of operation as a public entity, and one which was devoted substantially to investment in our infrastructure, human resources, core competencies and in those of our subsidiaries, stated Ramy El-Batrawi, Chairman and Chief Executive Officer of GenesisIntermedia.com. Moving forward, Genesis is now uniquely poised to capitalize on the strength of the market leadership we built in the public access Internet/advertising marketplace, as well as on the anticipated growth of our Car Rental Direct business, to generate significant returns from these investments in 2001 and beyond. With growth realized in each of our subsidiaries this past year, we are convinced that our corporate strategy is well defined and that we’re achieving the results we expected.
With a view toward increasing the Company’s momentum and cash position during 2001, Mr. El-Batrawi also announced that the Company is expecting to complete an agreement that would strengthen its already close relationship with Ultimate Holdings Ltd., its largest shareholder, resulting in additional funding of at least $5 million, and that it is in talks to complete a transaction related to the sale of certain real estate holdings that would result in proceeds of an additional $5 million to the Company. Mr. El-Batrawi also announced that the Company has reset the effective date of its name change to GenesisIntermedia, Inc. to the beginning of May.
Mr. El-Batrawi continued, GenesisIntermedia.com grew substantially during 2000, due to growth by acquisition and through internal growth of existing operations. Our human resource needs became more specialized due to the increased sophistication of the functionality of the Centerlinq network, and more demanding due to the opening of additional CRD locations and the expansion of proprietary product sales. Selling, general and administrative expenses were affected by the influx of new salaries and related benefits packages. By recruiting and retaining top talent, we’re continuing to drive future growth in each of our subsidiaries.
