BOCA RATON, Fla., Aug. 2, 2006 (PRIMEZONE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) Management released a mid-year review of the Company's accomplishments while in attendance at "The Reverse Merger Conference 2006," sponsored by Deal Flow Media at The Hilton Hotel in New York City.
Since its last Quarterly Report, the Company has:
-- Completed the SEC audit of its partner company, Lotus
Pharmaceuticals, Inc. Beijing-based Lotus should be publicly
trading near term, and Genesis will maintain a significant equity
position in this company. The Lotus website, www.LotusEast.com, is
still under development, but accessible for public preview.
-- Advanced the due diligence process of its other partner company,
Gold Horse International, Inc. Like Lotus, Richardson & Patel law
firm, headquartered in Los Angeles, is serving as the securities
counsel. Once its audit is completed, Gold Horse could be publicly
trading before year end, and Genesis will maintain a significant
equity position in this company.
-- Benefited from its Beijing Media Event on May 23rd, by sourcing
several new partner company candidates. The Genesis Equity
Partners' (GEP) initiative, which can be studied at www.GEP888.com,
received broad national press coverage and support in China.
"Important policy changes by the Ministry of Commerce, to be
announced in the coming days, could actually benefit GEP and may
even lessen our U.S. current competition," observed Dr. Shaohua
Tan, Director of China Operations.
-- Attended "The Reverse Merger Conference 2006," sponsored by Deal
Flow Media at The Hilton Hotel in New York City on July 20th. GEP
met with several public shell sources to advance its partnering
program with qualified Chinese companies. GEP anticipates
additional contracts before year end.
-- Continued its "merger search" for Genesis, and remains committed to
selecting a qualified candidate that would substantially add value
to the GTEC shareholders' and stake holders' investments. "We have
been approached by many companies about merger opportunity or
acquisition of Genesis. With our cash position, low overhead, and
appreciating equity basket of marketable securities, Genesis must
move forward cautiously and judiciously before committing to any
merger," stated President Kenneth Clinton.
-- Prepared for release its third quarterly report (10SBQ), and
management remains satisfied that its unique partnering program
will provide positive and sustainable returns to the Genesis
shareholders. The SEC filing will occur before the August
deadline.
In summary, Genesis management contends that the Company has advanced constructively and continues on a track of profitability and sustainability. "China shall always remain a land of huge opportunities and commensurate challenges," commented CEO Gary Wolfson. "It is not for the faint of heart or impatient of attitude. For those who believe in China's future as we do, the rewards can be great, but it will take time and commitment to reach our goals."
CHANGE OF ADDRESS NOTICE: Effective July 1, 2006, the main office for all China operations moved to Oriental Plaza, Level 6, Tower W2, One East Chang An Avenue, Dong Cheng District, Beijing 100738, People's Republic of China.
About Genesis Technology Group, Inc.
Genesis Technology Group, Inc. is a business development firm that fosters bilateral commerce between Western and Chinese companies. Genesis has created successful profit centers in product development, manufacturing, distribution, joint ventures and operational services. The Company has offices in the United States and China. A majority owned subsidiary of Genesis, Genesis Equity Partners, LLC ("GEP") assists Chinese and Western companies in formulating strategies to increase equity value, while targeting Western stock exchanges as a source of capital and shareholder support. The core strength of GEP management is creating a first rate plan to create investor awareness and bring in long-term individual and institutional investors. GEP should create liquidity in the stock and gain investor awareness by using tested channels of communications by cogently articulating the companies' stories. GEP has built successful channels with expertise in screening and selecting Chinese companies that possess solid business histories and professional management, and North American public companies and shells that possess a shareholder base and a history of auditing and filing, as required by the U.S. Securities & Exchange Commission. For more information, visit http://www.genesis-technology.net and http://www.GEP888.com
Safe Harbor Statement
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