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2006-03-15 Close Window
06:30:12
Board of Directors Conduct Quarterly Meeting in Beijing, China to Assess Accomplishments and Direction of GTEC
>BEIJING, March 15, 2006 (PRIMEZONE) -- Genesis Technology Group, Inc.
(OTCBB:GTEC), a business development and marketing firm that specializes in
procuring opportunities in China, released a summary of the quarterly Board of
Directors meeting conducted in Beijing last week. Directors were unanimous that
the Company had reached the most promising and sound position in its 4-year
history, with profitability a distinct possibility for the quarter ending March
2006.
Gary L. Wolfson, Chairman and CEO, observed: "The Company is in its best
position since its inception. It has virtually retired the $2 million debt it
incurred through an SB2 registration in 2004. Cash and cash equivalents have
reached nearly $3 million. Perhaps most importantly, the Genesis business model,
a specialized merger and acquisitions program for qualified Chinese companies,
appears to have placed the Company in a position of sustained profitability.
Our loyal shareholders, who endured a difficult 2005, as management totally
revamped and reorganized Genesis, are reaping the benefits of our efforts and
their own patience and confidence."
Summarizing other achievements and goals, the Company has:
-- Reached a sound position with ample cash reserves and a low
burn rate to operate efficiently for the foreseeable future. It
does not anticipate engaging in any fund-raising activities in
the current fiscal year. Near-term profitability seems
increasingly likely.
-- Refined its business model that specializes in marketing Merger
and Acquisition products to qualified Chinese companies in
accessing Western markets. These companies are all profitable,
have significant cash on hand, and revenues between $12 million
to $80 million. As this program has evolved, the estimated
financial benefits for Genesis range from a quarter of a
million dollars to $5 million per project.
-- Succeeded in contracting with The Jin Ma Group in creating
Gold Horse International, Inc., a private U.S. corporation
designed to become publicly trading during 2006. This
construction, real estate and hospitality enterprise has
recorded annual revenues exceeding $20 million and net profit
above $2 million. Other prospective client companies are
reaching final contract stages, and such achievements could be
announced in the coming weeks.
-- Benefited from the increased value of previous business
development projects in China, including the performance of SunWin
Nutriceuticals (OTCBB: SUWN), Dragon Capital (Pink Sheets:DRGV)
and others. The value of such holdings, in cash, stock and
warrants, now exceeds $3 million.
-- Advanced its negotiations with a merger partner in Western China
that has $40 million in assets, over $60 million in revenues, and
nearly $7 million in net profits. After five extensive meetings in
China and the U.S., the negotiations have reached the final due
diligence and audit phases. Management anticipates that this
merger opportunity should be brought to a definitive conclusion in
the next 60 days. Such a proposal would require a majority vote
by the Board of Directors and the Company's shareholders.
-- Scheduled its Annual Shareholders Meeting in Beijing on
Friday, May 19, 2006, to accommodate its increasing number of
Chinese shareholders and to educate its Western shareholders
concerning the opportunities and challenges of conducting
business in the People's Republic of China. The China World
Hotel (No. 1 Jianguomenwai Avenue) shall be the headquarters
for the meeting.
About Genesis Technology Group, Inc.
Genesis Technology Group, Inc. (also referred to as "Genesis China") 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. GTEC supports the complete circle for Chinese companies entering the
public market through its various subsidiaries. Genesis has established
effective working relationships with various governmental agencies, public
institutions, and private industries in China. In addition, the company acquires
and invests in innovative technology companies in China or forms joint ventures
with both Western and Chinese companies, focusing on emerging technology and
natural resource industries. For reference, visit www.genesis-china.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: Genesis Technology Group, Inc.
Kenneth Clinton
(561) 988-9880
(561) 988-9890, fax
KenClinton@genesis-technology.net
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