BOCA RATON, Fla., Oct. 17, 2007 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC), to be known as Genesis Pharmaceutical Enterprises, Inc. through a recently-completed merger, released the audited annual report from one its former partner companies: Speedhaul Holdings, Inc. (OTCBB:SPEH).
Speedhaul Holdings, to be known as Gold Horse International, Inc., and Lotus Pharmaceuticals, Inc. (OTCBB:LTUS) represent residual holdings that Genesis manages on behalf of its shareholders. The private-to-public program is no longer an ongoing profit center for Genesis Pharmaceutical Enterprises, Inc.
Yesterday, Speedhaul Holdings released its 2007 Annual Report, for the fiscal year ended June 30th, showing revenues of $28.3 million, net profits of $2.6 million, and net assets of $15.37 million. Year-to-year, net revenues increased 25.3%, and net income increased 55.5%. Kabani & Company of Los Angeles, California conducted the Company's audit.
Mr. Adam Wasserman, Speedhaul Chief Financial Officer, summarized the Company's year-to-year performance: "For the year ended June 30, 2007, net revenues amounted to $28,322,306 compared to $22,608,755 for the year ended June 30, 2006, an increase of $5,713,551 or 25.3%. Additionally, for the year ended June 30, 2007, net income amounted to $2,594,526 as compared $1,668,699, an increase of $1,409,247 or 55.5%. For the years ended June 30, 2007 and 2006, net income per common shares was $.05 and $.03, respectively."
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
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.