BOCA RATON, Fla., June 5, 2006 (PRIMEZONE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) announced that Gold Horse International, Inc., its real estate development partner in Hohhot, Inner Mongolia, has undertaken major new construction projects in the region that could increase its 2006 revenues to over $50 million and profits to above $7 million.
Presently, Gold Horse is undergoing an independent audit of financial statements by a New York certified public accounting firm. Genesis holds a significant equity position in Gold Horse, in addition to receiving management and consulting fees. Based on these revised projections, Genesis estimates its net gain could exceed $2 million.
Reported Gold Horse CEO Yang Liankuan: "Once we established our relationship with Genesis, Gold Horse was enabled to increase its construction contracts. This was, in fact, the primary reason that we chose Genesis, and why Gold Horse is committed to becoming a successful U.S. public corporation. Our management is sincerely dedicated to building a construction company that ranks amongst the most prominent in China and proves financially rewarding for our international shareholders and investors."
These new projects, in addition to being sizable in scope and profitability, also add to the reputation of Gold Horse (known by its Chinese name of Jin Ma in country) and include the construction of:
-- The Legal Services Center of the Hohhot City Intermediate
People's Court.
-- Living area of ecology and environmental protection with
500,000 M2 of construction area.
-- High-rise residential building with 200,000-300,000 M2 of
living area.
Mr. Kenneth Clinton, Genesis President, upon his return from China, summarized: "We launched our 'Mutual Growth Investment Program for Small and Medium Chinese Companies' at a large media event in Beijing on May 23rd. The conference took place at the historic and venerated Diao Yu Tai State Guest House, which has hosted heads of state from around the world for over a century. With the support of government and industry leaders, we now forecast profits of $2-4 million for each completed program, with as many as six mergers finalized each year."
About Gold Horse International, Inc.
Gold Horse International, Inc. is the U.S. corporation owned by Jin Ma Group Company, Ltd. and Genesis Equity Partners LLC. Jin Ma, founded in 1980, is a real estate and construction company located in Inner Mongolia. The Company is recognized as a Level II national construction company. Jin Ma currently has 938 employees. It has achieved ISO9001, ISO14001, and GB/T28001 standards. Established in Florida, Gold Horse International is the U.S.-established corporation that includes three Jin Ma subsidiaries: construction, real estate, and hospitality. For these companies, revenues for 2003-2005 exceeded $43 million, with net profits of about $4 million. Net assets of Gold Horse exceed $10 million, based on the most recent appraisals. The new Gold Horse website is under construction.
About Genesis Technology Group, Inc.
Genesis Technology Group, Inc. markets, builds, and obtains equity interest in small and medium Chinese companies. The Company has created successful profit centers by incubating Chinese companies in a wide range of sectors, creating "partner companies." The team at Genesis dedicates its expertise and capital resources to expand the potential of these enterprises. To help drive the success and profitability of such partner companies, Genesis provides abundant resources and proficiency to maximize their leadership potential in China and helps position them to create high-margins, with increasing and predictable earnings. The Company has offices in the United States and China. For more information, visit www.genesis-technology.net.
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