LAIYANG, China, Jan. 15, 2008 (PRIME NEWSWIRE) -- Genesis Pharmaceuticals Enterprises, Inc. (OTCBB:GTEC) ("Genesis" or the "Company"), a leading pharmaceutical company in the People's Republic of China, today announced that the Company filed an annual report on Form 10-KSB with the Securities and Exchange Commission ("SEC"), for the fiscal year ended September 30, 2007. The 10-KSB discloses the financial results of the Company's antecedent business of advising small to mid-sized Chinese companies regarding U.S. capital markets.
The 10-KSB represents the results and financial condition of the former publicly traded holding company, Genesis Technology Group, Inc., prior to its entry into a share exchange with the Company and does not represent or reflect the current results or operations of Genesis Pharmaceuticals Enterprises, Inc.
Genesis Pharmaceuticals Enterprises, Inc. will file its financial results for the quarter ended December 31, 2007 on Form 10-Q with the SEC in February 2008.
About Genesis Pharmaceuticals Enterprises
Genesis Pharmaceutical Enterprises, Inc. is engaged in the research, development, production, marketing and sales of pharmaceutical products in the People's Republic of China. Its operations are located in Northeast China in an Economic Development Zone in Laiyang City, Shandong province. Genesis produces tablets, capsules, and granules for both western and Chinese herbal-based medical drugs. The Company maintains a representative office in the U.S.
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." 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 introduce, manufacture and distribute new drugs. Actual results may differ materially from anticipated or predicted results, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to obtain raw materials needed in manufacturing, the continuing employment of key employees, the failure risks inherent in testing any new drug, the possibility that regulatory approvals may be delayed or become unavailable, patent or licensing concerns that may include litigation, direct competition from other manufacturers and product obsolescence. 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.