BOCA RATON, Fla., Aug. 17, 2007 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) announced that its partner company, Lotus Pharmaceuticals, Inc. (OTCBB:LTUS), released its second quarter results, with revenues topping $21 million, net profits of $4.1 million, and net assets of $17 million.
Mr. Adam Wasserman, Lotus Chief Financial Officer, reported: "Total revenues for the six months ended June 30, 2007 were $21,095,000 as compared to total revenues of $16,047,000 for the six months ended June 30, 2006, an increase of $5,048,000 or approximately 31.5%. Lotus' working capital position increased $4,783,000 to $13,429,000 at June 30, 2007 from $8,646,000 at December 31, 2006."
Dr. Shaohua Tan, Genesis Director in Beijing, observed: "Lotus seems to go from strength-to-strength. Just six weeks ago, Gold Horse International (OTCBB:SPEH) joined Lotus as a graduate from our private-to-public program. We are hopeful that a third Chinese partner company, prominent in environmental technologies, will join these alumni as a new U.S. public company before the end of Genesis' current fiscal year."
About Genesis Technology Group, Inc.
Genesis Technology Group, Inc. (d/b/a Genesis China and GTEC) is a U.S. public company that partners with qualified Chinese companies to expand their domestic and international market opportunities. The customized private-to-public program seeks to tap in to Western capital markets to attain this goal. Commitment, dedication, and expertise are the key components to the Genesis "Mission Statement." It has created a successful profit center by incubating Chinese companies in a wide range of sectors, creating so-coined "partner companies." Genesis makes a long-term commitment with management consultation, board of directors composition, creation and implementation of successful business models, which include expansion of markets in China and abroad. To help drive the success and profitability of these operations, Genesis provides resources and proficiency to maximize partners' leadership potential in China and attempts to increase high-margin, predictable earnings. For more information, visit http://www.Genesis-China.net.
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