BEIJING, Dec. 4, 2006 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) announced that S.E Asia Trading Company, Inc. (OTCBB:SEAA) released its 3rd quarter earnings report, for the period ended September 30, 2006. In S.E. Asia's unaudited 10-QSB filing, for the three months ended September 30, 2006, the Beijing pharmaceutical company reported net revenues of $8.7 million and profits exceeding $1.4 million. S.E. Asia's wholly owned subsidiary, Lotus Pharmaceuticals, Inc. ("Lotus"), is a graduate of the Genesis Equity Partner LLC (GEP) finance and growth program. SEAA has applied for a name and symbol change so as to more accurately convey the activities and brands of the operating company, Lotus Pharmaceuticals.
In assessing S.E Asia's year-on-year performance, for the same period in 2005, the unaudited financials showed 3rd quarter earnings of $3.5 million, with a loss of about $100,000. For the nine months ended September 30, 2006, S.E Asia reported net revenues of $24 million and profits of $4.3 million, as compared to the nine months ended September 30, 2005 which reported net revenues of $12 million and profits exceeding $1.4 million.
Chief Financial Officer Adam Wasserman explained: "Genesis Technology Group owns 6,736,896 shares of common stock in SEAA, which shall undergo a name change and stock symbol change in the future. The number of authorized shares of S.E. Asia Trading is 50 million, and the number issued, as of September 30, 2006, totals 41,280,000."
Dr. Shaohua Tan, Genesis Director in Beijing, observed: "Clearly, the GEP program has developed a dynamic partner in Lotus Pharmaceuticals. It is growing at a rapid pace. We believe, in partnering with GEP, Lotus should be able to implement and accelerate its visionary expansion program. At present, GEP presently has three partner companies: Lotus, Gold Horse, and its newest partner, an electric power equipment enterprise.
"We are confident that GEP can maintain a sustainable and rewarding structure, which could benefit Genesis shareholders in a positive, significant way over a period of years. The two big challenges, however, are the intense and costly effort to complete each deal, and the possibility of a changing business landscape in China, as unilaterally controlled by the Central Government. This latter condition is totally beyond the control of Genesis or any other Western firm," Dr. Tan reminded.
About S.E. Asia Trading Company, Inc.
S.E. Asia Trading Company, Inc. operates through its wholly owned subsidiary, Lotus Pharmaceuticals International, Inc. ("Lotus"). Lotus has agreements with Liang Fang Pharmaceutical, Ltd. ("Liang") and En Zhe Jia Shi Pharmaceutical, Ltd. ("En Zhe"), two Chinese pharmaceutical companies located in Beijing, to manage all of their businesses and to control Liang and En Zhe. Liang and En Zhe form a large comprehensive enterprise, which deals in an integration of the production, trade, sales and marketing of pharmaceuticals. Together, they possess one of the most advanced pharmaceutical-production equipment used in China, workshops authenticated by the National GMP, a suite of various medicines produced by Liang and/or En Zhe (together, "Lotus East"), and a large number of high-tech personnel. Lotus East has business and office facilities of 2,000 square meters and a warehouse of 1,000 square meters. Lotus East performs scientific research on new medicines, and the production, wholesale and retail sale of medicines. For more information, visit http://www.LotusEast.com.
About Genesis Technology Group, Inc.
Genesis Technology Group, Inc. (d/b/a Genesis China and GTEC) is a U.S. public company that earns, enhances and markets equity positions in small to mid-sized Chinese enterprises. 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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