BOCA RATON, Fla., Aug. 14, 2006 (PRIMEZONE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) released its 10-QSB for the third quarter 2006. The results showed another net profitable quarter, with indications of "sustained, future profitability and growth," according to Company President Kenneth Clinton. The total profits for the first nine months of operations for current fiscal year have reached $400,000. A synopsis of the 3rd quarter result reads as follows:
1. For the three months ended June 30, 2006, the Company reported net
income of $118,593 compared to a net loss of $532,962 in 2005; this
is an increase of $651,555.
2. For the nine months ended operating expenses amounted to $920,264
compared to $2,472,400 for the comparable 2005 period, a decrease
of $1,552,136. For the nine months ended June 30, 2006, cash used
in operations was $379,830 compared to $1,183,905 for the nine
months ended 2005.
The Company's cash and basket of equities total well over $2,000,000 to sustain the Company's business model and continue the mission of partnering with successful Chinese companies with strong acquisition and growth potential.
"We are delighted to report a second profitable quarter for Genesis," said Mr. Clinton. "GTEC is firing on all cylinders, and we have some incredible new clients in the pipeline that we anticipate announcing by the end of the fourth financial quarter ended September 2006. Looking ahead to the fiscal year end 2006, we expect the year to be profitable."
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. Genesis announced in August 2006 that it became a member of the United States Chamber of Commerce to enhance its initiatives both in China and the U.S. For more information, visit www.Genesis-Technology.net and www.GEP888.com.
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.