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                                                                      EXHIBIT 99

600 Powers Building, 16 West Main Street,                          585-454-1250
Rochester, New York  14614-1601


FOR IMMEDIATE RELEASE                            CONTACT:  Mark W. Leunig
                                                 Director of Investor Relations
                                                 (585) 454-1250



      GENESEE CORPORATION ANNOUNCES SALE OF REMAINING REAL ESTATE HOLDINGS

ROCHESTER, NEW YORK, September 16, 2002 -- Genesee Corporation (NASDAQ/NMS:
GENBB) announced today that it has sold its two remaining real estate holdings
to its partners in those investments for $4.5 million in cash. One holding was a
fifty percent interest in the Meadows at Westbrook, a 408-unit residential
property located in a suburb of Syracuse, New York, and the other was a fifty
percent interest in Spencerport Crossroads, a 150-unit residential property
located in a suburb of Rochester, New York. "We are very pleased that we were
able to sell our interests in Westbrook and Crossroads to our partners at a
price that reflects the fair market value of those properties," said Mark W.
Leunig, Senior Vice President of the Corporation. "By selling to our partners,
we ensured stability for our tenants and avoided substantial brokerage fees and
prepayment penalties that would have been incurred in a sale to a third party,"
said Mr. Leunig.

         The Corporation is currently operating under a plan of liquidation and
dissolution that was approved by shareholders in October 2000. Under this plan,
the Corporation sold its brewing and equipment leasing businesses in December
2000 and its Foods Division in October 2001 and its investment in the Clinton
Square office building in Rochester, New York in May 2002. "The sale of our
interests in Westbrook and Crossroads concludes the liquidation phase of the
plan that was adopted two years ago," said Mr. Leunig.

         The Corporation reported net assets in liquidation at July 27, 2002 of
$29.9 million, or $17.87 in net assets per share. Following the $5.00 per share
liquidating distribution paid on August 26, 2002 and the sale of the
Corporation's interests in the Westbrook and Crossroads


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properties, as well as management's current estimates of the net realizable
value of the Corporation's other assets and the settlement costs of the
Corporation's liabilities, the net assets in liquidation at September 16, 2002
are estimated to be $21.5 million, or $12.87 in net assets per share. The actual
values and costs are expected to differ from the amounts shown herein and could
be greater or lesser than the amounts recorded.

NOTE: The Corporation paid partial liquidating distributions of $7.50 per share
on March 1, 2001, $13.00 per share on November 1, 2001, $5.00 per share on May
17, 2002 and $5.00 per share on August 26, 2002 under the plan of liquidation
and dissolution adopted by the Corporation's shareholders in October 2000. The
amount and timing of subsequent liquidating distributions are subject to a
number of factors, including without limitation, the risks and uncertainties
identified in the information below about forward-looking statements.

FORWARD-LOOKING STATEMENTS

       Statements made in this news release about the net assets of the
Corporation in liquidation are forward-looking statements within the meaning of
the federal securities laws. These forward-looking statements are subject to a
number of significant risks and uncertainties, and there can be no assurance
that the expectations reflected in those statements will be realized or
achieved. Such risks and uncertainties include, without limitation, the amount
and timing of payments to the Corporation by the purchaser of the Corporation's
brewing business under a promissory note held by the Corporation; the risk of
default by the purchaser of the Corporation's brewing business on its payment
and other obligations under such note; the possible extension of payment under
the terms of the promissory note related to the sale of the Corporation's
brewing business; possible contingent liabilities and post-closing
indemnification and other obligations arising from the sale of the Corporation's
brewing, foods and equipment leasing businesses and other assets; and risks
associated with the liquidation and dissolution of the Corporation, including
without limitation, settlement of the Corporation's liabilities and obligations,
costs incurred in connection with carrying out the plan of liquidation and
dissolution, the amount of income earned during the liquidation period on the
Corporation's bond portfolio and investments in money market funds, risks that
the market value of the Corporation's bond portfolio could decline, risks
associated with investment in bonds and money market funds in the current low
interest rate environment, and the actual timing


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of the winding up and dissolution of the Corporation. Rules governing
liquidation accounting require the Corporation to estimate the net value of
assets in liquidation. The estimates of net assets in liquidation are based on
present facts and circumstances and the value of assets actually realized in
liquidation is expected to differ from the amounts estimated and could be
greater or lesser than the amounts estimated. Accordingly, it is not possible to
predict the aggregate amount that will ultimately be distributable to
shareholders and no assurance can be given that the amount to be received in
liquidation will equal or exceed the estimate of net assets in liquidation per
share set forth in the accompanying Statement of Net Assets in Liquidation.

Copies of Genesee Corporation news releases are available free of charge on the
Internet at

http://www.prnewswire.com/comp/352775.html
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