BEIJING, Dec. 20, 2006 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) announced that Gold Horse International, Inc. released its audited financial statement for the fiscal year ended June 30, 2006. Based on financial statements audited by Kabani & Company, a Los Angeles-based auditing firm, this western China real estate development and hospitality company reported net revenues of $22.6 million and profits exceeding $2 million.
With the official audit now completed, Gold Horse is scheduled to commence the final steps to becoming a U.S. publicly traded company. Through its majority-owned subsidiary, Genesis Equity Partners, LLC (GEP), Genesis would own a significant equity position in Gold Horse, which is already a Nevada corporation. The L.A.-based law firm of Richardson & Patel is handling the legal requirements, in cooperation with the AllBright law firm of Shanghai.
In assessing Gold Horse (known as the Jin Ma Group, Ltd. in China) by its year-on-year performance for the same period in 2005, the audited financials showed year-end earnings of $16.6 million, with a net profit of $1.4 million.
For the succeeding quarter ended September 30, 2006, Gold Horse reported unaudited net revenues of $6.8 million and profits of $0.6 million.
Dr. Shaohua Tan, Genesis Director in Beijing, observed: "At present, GEP has announced three contract partner companies: Gold Horse, Lotus Pharmaceuticals, and its newest partner, an environmental technologies enterprise. In the coming days, Genesis is set to release its 10-KSB, the 2006 Annual Report, as evidence of its achievements in revitalizing this specialized partnering program."
About Gold Horse International, Inc.
Gold Horse International, Inc., which operates in China as the Jin Ma Group Company, Ltd. where it was founded in 1980, is a real estate and construction company located in Inner Mongolia with executive offices in Beijing, China. 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. Gold Horse International will be a U.S.-established corporation that includes three Jin Ma subsidiaries: construction, real estate, and hospitality. The new Gold Horse International website is under construction and nearing completion.
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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