Genesis' Pharmaceutical Partner Releases Audited Annual Report with $4.1 Million in Net Profits
Last Update: 6:30 AM ET Apr 18, 2007
revealed gross revenues of $36 million, net profits of $4.1 million and net assets of $20.6 million.
Dr. Shaohua Tan, Genesis' Director headquartered in Beijing, also offered an update for the Genesis private-to-public program that operates under the name Genesis Equity Partners, LLC (GEP), a group of majority-owned subsidiaries, individually designated for each Chinese partner company. Among Dr. Tan's key comments were:
1. Lotus has shown good progress since becoming a GEP partner company
last March. GTEC owns 6.7 million LTUS common shares of the 50
million outstanding. Genesis maintains an active role in Lotus
operations and strategy, having appointed three members on its
board of directors, also serving in an ongoing consulting
capacity overseeing its U.S. office and activities.
2. Gold Horse International, Inc. (GHI) continues to advance to
public company status. Its official U.S. audit required an
updating through December 2006, which has now been completed by
Kabani & Company. GHI has moved into the late stages of the GEP
private-to-public program.
3. The other three GEP partner companies bear U.S. designations and
have entered the exacting U.S. auditing stage. China Environmental
Technologies, Oriental Health Beverages, and Sino Steel Structures
could produce significant profits and assets for Genesis, if
those Chinese companies' U.S. audits and legal due diligence
confirm internal reporting. With each company, Genesis would play
an active role in its management and strategy to attain its
goals and expansion.
4. The revised rules and regulations of the China Securities
Regulatory Commission (CSRC), invoked August-September 2006,
have placed a significant additional burden on GEP and its
competitors. While the full impact is still being determined,
it seems apparent that CSRC rulings have (a) increased the costs
and risks, (b) created additional steps with central government
involvement, and (c) delayed the process to complete the
private-to-public process. Dr. Tan closed by emphasizing that
"any future changes or revisions by the CSRC could have a major
impact on the GEP business model."
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