BEIJING, July 9, 2007 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc (OTCBB:GTEC) today confirmed that Gold Horse International, Inc. (OTCBB:SPEH) is a public company, trading on the Over-The-Counter Bulletin Board. Having successfully completed an acquisition by Speedhaul Holdings, Inc., Gold Horse became the second partner company to complete the new Genesis private-to-public program.
In addition to Gold Horse and Lotus Pharmaceuticals (OTCBB:LTUS), Genesis has four other Chinese companies under contract. All four companies, having undergone rigorous due diligence by Genesis and numerous professionals, are at various stages of the Genesis program. "Gold Horse's success should place Genesis in a profitable position for the fiscal year," predicted management.
For the year ending June 30, 2006, Gold Horse reported net revenues of approximately $22.6 million and net income of $1.7 million. Based on unaudited results for the nine months ended March 31, 2007, net revenues reached approximately $20.4 million and net income of $1.6 million. Kabani & Company of Los Angeles conducted the audit.
From his Beijing office, Dr. Shaohua Tan, Genesis Director, observed: "Genesis has crossed the barrier of sustainability, with Gold Horse reaching public company status, as Lotus (OTCBB: LTUS) did last fall, we know that the benefits to Genesis shareholders can be sizable. The Gold Horse success should place Genesis in a profitable position for the fiscal year.
"We have four additional Chinese companies under contract and at various stages of our program. We hope to have one or possibly two additional partner companies complete the private-to-public process before the end of our current fiscal year. With the success of our Chinese partner companies, we are confident the impact on the bottom line of Genesis will be significant," said Dr. Tan.
About Gold Horse International, Inc.
Gold Horse International, Inc., together with its subsidiaries, is an engineering and construction company that offers general contracting, construction management and design-building services to private clients and public agencies. Regarded as one of China's safest contractors in Western China, the Company's primary objective is to develop, execute, and maintain projects on schedule, within budget, and with excellence. In the tradition of China's master builders, the Company designs, executes and maintains the infrastructures that support the progress and expansion of China. Over the past two decades, Gold Horse has become a trusted leader in China in providing exceptional services and technical knowledge. Through Gold Horse's individual and collective expertise, more than 900 international employees provide cost-effective, intelligent solutions in a timely manner. The Company's outstanding dependability, expertise and safety standards distinguish Gold Horse as an emerging leader in China, in the building services marketplace. For more information, visit www.GoldHorseInternational.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 www.Genesis-China.net.
Safe Harbor Statement and Disclaimer
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. The capital and growth program, the Company's central profit center, has specific risks and liabilities. Followers of our business model must understand that, until the Chinese partner company officially reaches public company status and files its initial Form 8-K, a high degree of risk exists that the partner may not ever attain that status. While receipt of a significant equity position in these companies is contractual, Genesis still recognizes that such compensation is conditional on performance and specific deliverables.