BOCA RATON, Fla., Aug. 21, 2007 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) has released its third quarterly report for the period ended June 30, 2007. Net assets were approximately $7,608,000 compared to $5,221,000 on September 30, 2006, an increase of 45.7 percent.
CFO Adam Wasserman summarized: "For the nine months ended June 30, 2007, we reported revenues of $3,035,000 as compared to $13,333 for the nine months ended June 30, 2006 which was attributable to a Share Exchange Agreement closed on June 29, 2007 by Speedhaul Holdings, Inc., Inc., a publicly-trading company (OTCBB:SPEH), whereby GEP, our 51 percent-owned subsidiary, received 16,750,000 restricted common shares of SPEH for services performed in helping Gold Horse International and the Jin Ma Companies facilitate the merger with SPEH and for other business development services. For the nine months ended June 30, 2007, we reported net losses of $1,763,459 as compared to net income of $308,800 for the nine months ended June 30, 2006. At June 30, 2007, our net assets were approximately $7,608,000 compared to $5,221,000 at September 30, 2006, an increase of 45.7 percent."
CEO Gary L. Wolfson added: "Our immediate focus is completing the third private-to-public program for another Chinese partner company. If we can achieve this success in the coming six weeks, Genesis could boast of completing three such transformations in a 12-month period, quite an achievement. Genesis partner companies, attaining public company status in the U.S., would be Lotus Pharmaceuticals (OTCBB:LTUS), Gold Horse International, and the new Green Power Technologies. Our current business model, although subject to burdensome regulations both in the U.S. and China, is effective and rewarding."
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.
Safe Harbor Statement and Disclaimer
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. The capital and growth program, the Company's central profit center, has specific risks and liabilities. Followers of our business model must understand that, until the Chinese partner company officially reaches public company status and files its initial Form 8-K, a high degree of risk exists that the partner may not ever attain that status. While receipt of a significant equity position in these companies is contractual, Genesis still recognizes that such compensation is conditional on performance and specific deliverables.