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                                                                      EXHIBIT 99


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

FOR IMMEDIATE RELEASE                   CONTACT:  Steven M. Morse
                                        Vice President & Chief Financial Officer
                                        (585) 454-1250


          GENESEE CORPORATION ANNOUNCES RECEIPT OF $2.4 MILLION ESCROW
    FROM SALE OF FOODS DIVISION AND $1.50 PER SHARE LIQUIDATING DISTRIBUTION

         Rochester, New York, April 9, 2003 -- Genesee Corporation (Nasdaq/NMS:
GENBB) announced today that it has received $2.4 million upon the expiration of
an escrow account established in connection with the sale of its Foods Division
in October 2001. A balance of $25,000 remains in escrow for claims presented by
the buyer of the Foods Division against the escrow, which the Corporation
expects to resolve in the near future.

         The Corporation also announced that its Board of Directors has declared
a partial liquidating distribution of $1.50 per share, payable on April 28, 2003
to Class A and Class B shareholders of record on April 22, 2003. The partial
liquidating distribution announced today is the seventh paid by the Corporation
pursuant to the plan of liquidation and dissolution approved by the
Corporation's shareholders in October 2000 and brings the total of liquidating
distributions paid to date to $62.8 million, or $37.50 per share. Distributions
totaling $36.00 per share were paid to shareholders on March 1, 2001, November
1, 2001, May 17, 2002, August 26, 2002, October 11, 2002 and March 17, 2003.

         Taking into account the $1.50 per share liquidating distribution
payable April 28, 2003 and the $2.50 per share liquidating distribution paid on
March 17, 2003, the Corporation has updated its estimate of net assets in
liquidation to $8.8 million, or $5.28 per share, compared to net assets in
liquidation at January 25, 2003 of $15.5 million, or $9.28 per share.

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FORWARD-LOOKING STATEMENTS

      Statements made in this news release 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 High Falls Brewing Company
LLC ("High Falls") under a promissory note held by the Corporation; the possible
extension of payment or renegotiation of terms as a result of the payment
default by High Falls under that note; the risk of default by High Falls on its
other obligations under that note; 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;
the risk that federal, state or local taxing authorities will audit the tax
returns filed by the Corporation to report the sale of its brewing, foods and
equipment leasing businesses and other assets resulting in additional taxes
being assessed against the Corporation; the risk that income, sales, use and
other tax returns filed by the Corporation prior to the divestiture of its
brewing, foods and equipment leasing businesses might be audited by federal,
state or local taxing authorities resulting in additional taxes being assessed
against the Corporation; the risk that the Corporation may not be able to
realize its current estimate of the net liquidation value of its assets; the
risk that the Corporation may have underestimated the settlement expense of its
obligations and liabilities, including without limitation, its estimates of
self-insured workers compensation liability, accrued compensation, and tax
liabilities; 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 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 generally
accepted accounting principles and present facts and circumstances and the value
of assets actually realized in

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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 this news release.