GenesisIntermedia Cancels Kiosk Contract

GenesisIntermedia Inc., a money-losing telemarketing firm, canceled a 9-month-old contract to deploy its Centerlinq Internet kiosks at 27 shopping malls operated by Macerich Co., after placing the kiosks at three locations, according to a regulatory filing.

As recently as two weeks ago, Van Nuys-based Genesis said it planned to spend $15 million to $20 million over the next 18 months to expand its Centerlinq network, which operates the kiosks in 32 malls in 18 states.

Santa Monica-based Macerich released Genesis from its obligation to rent additional space in exchange for warrants to buy Genesis shares with an intrinsic value of $2.4 million.

Genesis shares fell 50 cents to close at $17.17 on Nasdaq