BEIJING, Jan. 4, 2007 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) announced that it has signed a health foods beverage company, designated a "National Famous Brand" in China, as the fourth partner in its Genesis Equity Partners LLC (GEP) program.
With present sales covering 15 provinces and private label sales in California, the Company's financial records support steady growth, with fiscal 2006 topping $25 million in revenues and net profits of 15 percent. Its annual growth rate has been at about 20 percent, according to Company sources. In marketing campaigns, well-known Chinese movie and television stars are engaged to promote a wide array of popular beverages, and the Company intends to approach Olympic 2008 athletes for endorsements in the near future.
If it meets rigorous U.S. auditing standards and due diligence, the Chinese company could evolve to U.S. public company status during 2007. As is the case with previous GEP contract partners, Genesis could receive a significant equity position, while providing extensive, long-term support and services. The pre-audit work, under the direction of GEP, commenced in late December at the Company's two operations centers, located in different provinces.
Dr. Shaohua Tan, Genesis Director in Beijing, commented: "We are meticulous in selecting GEP partner companies. It is a complex, time-consuming, high risk and expensive process. We are, however, confident that we are constructing a sustainable business model with three contract partners at various stages of the program, and now our new alliance with a highly-respected health foods beverage company, which boasts a history of consumer acceptance and government endorsements. Its designation 'National Famous Brand' is granted by the central government to fewer than 200 companies."
Added Genesis CEO Gary L. Wolfson, who spoke from the Chinese partner company's headquarters in Southeastern China: "In touring the facilities, which span 211,122 square meters, the plant must match its finest competitors in the U.S. or any other country. The health foods beverage business is a growth industry globally and, in China, particularly so. The Chinese population is becoming increasingly health conscious, and consumption of health foods beverage sales is showing steady gains."
SEC 10-KSB FILING NOTICE: Genesis Technology Group, Inc. filed an extension that would require its filing the Annual Report for 2006 on or before Monday, January 15, 2007.
About Genesis Technology Group, Inc.
Genesis Technology Group, Inc. ("Genesis" or "Genesis China") is a business development and marketing firm that specializes in advising and providing a turn key solution for Chinese small and mid-sized companies entering Western markets. We dedicate our expertise and capital resources to expand the potential of Chinese partner companies. We provide the marketing strategy, counsel, and plans to support our clients' business, financial, or marketing goals. We work closely with top management to define their strategy and business model to develop effective tactics to support business development. Our business mission is to create substantial, incremental stockholder value for emerging growth companies by executing strategy-driven programs that professionally incubate and mature Chinese companies and prepare them for Western markets. For more information, visit www.Genesis-China.net.
Safe Harbor Statement
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.