BOCA RATON, Fla., Oct. 9, 2007 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC), on October 1, 2007, announced the completion of a reverse merger with a company that owns and controls Laiyang Jiangbo Pharmaceuticals Co., Ltd. ("LJPC"), a Chinese pharmaceutical company. As required, the Company has completed the filing of its Form 8-K with the Securities and Exchange Commission and accepted delivery of the official audit performed by Moore Stephens Wurth Frazer and Torbet, LLP of Los Angeles, California.
Genesis management urges shareholders and interested parties to carefully study the entire filing, commonly referred to as a "Super 8-K", at www.sec.gov. The following are selected facts from that document:
LJPC is engaged in research, development, production, marketing and sales of pharmaceutical products. It is located in Northeast China in an Economic Development Zone in Laiyang City, Shandong province and is one of the major pharmaceutical companies in China producing tablets, capsules, and granules for both Western medical drugs and Chinese herbal-based medical drugs.
Pertaining to the official audit: for the year ended June 2007, net profits totaled $22,053,056, compared to the previous year's total of $7,736,167. For the same period, total assets reached $55,397,059 (2007) compared to $36,472,948 (2006); and sales of $72,259,812 (2007) compared to $45,242,987 (2006) in the audited report. Net cash flow used in operating activities was $2,943,843 in fiscal 2006 while net cash flow provided by operating activities was $15,291,968 in fiscal 2007.
LJPC has several Certificates of Good Manufacturing Practices for Pharmaceutical Products (GMP Certificates) issued by the Shandong State Drug Administration (SDA) and currently produces over 30 types of drugs.
The Company has a well-established sales network across China. It has a distribution network covering 26 provinces in the PRC. Currently, LJPC has approximately 1,060 distribution agents and more than 1,280 employees, including 220 production crew, 440 full-time salespersons and 620 part-time salespersons.
The Form 8-K, released on October 9, 2007, offers detailed, unabridged information, and Genesis management urges all interest parties to study the document in its entirety. The forgoing information, in this news release, has been excerpted and abridged.
About Genesis Technology Group, Inc.
Genesis Technology Group, Inc. (to be known as Genesis Pharmaceutical Enterprises, Inc.) is a U.S. public company engaged in research, development, production, marketing and sales of pharmaceutical products in the People's Republic of China. Its operations are located in Northeast China in an Economic Development Zone in Laiyang City, Shandong province and is one of the major pharmaceutical companies in China producing tablets, capsules, and granules for both Western medical drugs and Chinese herbal-based medical drugs. The Company maintains a representative office in the United States of America, where its Chief Financial Officer and support staff are located. For more information, refer to http://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.