BEIJING, Oct. 27, 2006 (PRIMEZONE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) announced that its subsidiary Genesis Equity Partners, LLC is establishing a college scholarship fund that will provide four-year scholarships to qualified female high school students to attend colleges and universities in China.
GEP shall donate a percentage of equity from each Chinese partner company that becomes a U.S. public company. This stock will be separate from the stock earned by Genesis Technology Group (GTEC) in completing the program, thus not impacting the benefit attributed to Genesis shareholders. Concurrently, Genesis management may seek matching funds from interested institutions in other Western countries.
Dr. Shaohua Tan, Genesis Director and a tenured professor at Peking University, stated: "This is a simple and straightforward program: the GEP College Scholarship Fund will create a committee in China to award 4-year scholarships to qualified female high school students to attend colleges and universities throughout the country.
"Women have been at a decided disadvantage -- educationally, professionally, and socially -- in China for generations, and the opportunity to attend college is often unobtainable. According to the Chinese government, in its 2000 census, the average number of years of education of Chinese women totaled only 7.5 years. In its own small way, Genesis will enable a number of such women to change the future of their lives and often of their entire families.
"We would also like to thank the law firm of Richardson & Patel for making a financial commitment to the fund, and Mr. Adam Wasserman, our Chief Financial Officer, for donating his accounting services at no cost to the program.
"For years, the Genesis website has included its 'Chinese Charities' page, which provides a list of the many worthy organizations attempting to assist the needy citizens of the country. In addition to the GEP College Scholarship Fund, we urge support of these charities," concluded Dr. Tan.
For more information, refer to http://www.genesis-china.net/chinesecharities.html
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 http://www.genesis-technology.net.
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