3 April 2006, 06:30am ET
BOCA RATON, Fla., April 3, 2006 (PRIMEZONE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) announced that the name and corporate entity of Lotus Pharmaceuticals, Inc. has been officially established in the State of Florida for one of China's most respected and innovative drug development, medical device, and retail drug store enterprises. Through its subsidiary, Genesis Equity Partners, the Company owns a substantial portion of Lotus, which is scheduled to become a U.S. publicly traded company during 2006.
Going forward, all global business activities -- including sales, drug registration, and publicity -- shall be conducted under the name Lotus Pharmaceuticals, although its well-known Chinese name may continue to be used in Chinese consumer markets. For 2005, the Company reported over $15.8 million in revenues, almost $2.6 million in net profits, plus net assets exceeding $ 7.5 million. For the past three fiscal years combined, its revenues exceeded a total of $31.2 million. Based on its first quarter sales for 2006 -- exceeding $5 million -- the Beijing-based manufacturer anticipates revenues surpassing $20 million this year. An SEC-approved audit shall commence this month.
Valsartan Capsules, among Lotus's best-selling products, is a medication for primary hypertension or high blood pressure. Valsartan first came to market in America in 1996, known as Diovan. The Novartis AG version of the Diovan product generated almost 17 percent of that company's 2004 revenues from branded pharmaceuticals. Novartis predicts the drug might be its first to generate annual revenues of more than $5 billion.
Dr. Liu Zhongyi, CEO of Lotus Pharmaceuticals, commented: "With increased production and marketing, we believe that Valsartan should dominate the Chinese market, where over nine percent of the population suffers from high blood pressure. Based on the number of patients worldwide afflicted, we believe that Valsartan should gain a substantial share of this multi-billion dollar hypertension drug market. For parties interested in Lotus's developments, our new bilingual website is currently under construction."
Mr. Gary L. Wolfson, Genesis CEO, added: "Health care is a trillion dollar industry worldwide, and blood pressure ailments afflict about one third of the U.S. population according to the American Heart Institute. Genesis has two basic goals in partnering with Lotus: (1) we want to create a public company that supports Lotus's growth and development, while rewarding shareholders; and (2) we want to make Valsartan available to the hundreds of millions of patients who suffer from hypertension."
Note: The Annual Shareholders Meeting has been scheduled for Friday, May 19, 2006, at 1 o'clock P.M. at the China World Hotel in Beijing, China, located at No. 1 Jianguomenwai Avenue; telephone (8610) 6505-2266, facsimile (8610) 6505-0828, email cwh@shangri-la.com and website http://www.shangri-la.com.
About Lotus Pharmaceuticals, Inc.
Mentioned Last Change
GTEC 0.29 (Unchanged)
Lotus Pharmaceuticals, Inc. (known in China as Liang Fang Pharmaceuticals, Ltd.) is a large comprehensive enterprise which deals in an integration of the production, trade and retailing of pharmaceuticals. It possesses the most advanced pharmaceutical-making equipment now in China, workshops authenticated by the National GMP, a number of first-rate medicines and other types of medicines produced solely in this corporation, and a large group of high-tech personnel. Lotus covers a business and office area of 2,000 square meters and a storehouse of 1,000 square meters. Altogether there are four organs attached to this corporation handling, respectively, the scientific research on new medicine, the production, wholesale and retail of medicine.
About Genesis Technology Group, Inc.
Genesis Technology Group, Inc. is a business development firm that fosters bilateral commerce between Western and Chinese companies. Genesis has created successful profit centers in product development, manufacturing, distribution, joint ventures and operational services. The Company has offices in the United States and China. A 75% owned subsidiary of Genesis, Genesis Equity Capital, LLC assists Chinese and Western companies in formulating strategies to increase equity value, while targeting Western stock exchanges as a source of capital and shareholder support. The core strength of GEP management is creating a first rate plan to create investor awareness and bring in long-term individual and institutional investors. GEP should create liquidity in the stock and gain investor awareness by using tested channels of communications by cogently articulating the companies' stories. GEP has built successful channels with expertise in screening and selecting Chinese companies that possess solid business histories and professional management, and North American public companies and shells that possess a shareholder base and a history of auditing and filing, as required by the U.S. Securities & Exchange Commission. For more information, visit http://www.genesis-technology.net.
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission. Contact:
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