BOCA RATON, Fla., Jan. 16, 2007 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) released its Annual Report for fiscal year 2006, the 10-KSB filing, as audited by Sherb & Company of New York. The Company revealed net income of $2.9 million and assets of $7.2 million, making the year its most successful in history. This equates to net income of $0.03 per common share, fully diluted.
Mr. Adam Wasserman, who has served as the Genesis Chief Financial Officer since October 2001, reported: "The financial condition of the Company continues to show progress. For the year ended September 30, 2006, we reported net income of $2,909,606 or $0.03 per common share, compared to a net loss of $(3,726,929) or $(0.06) per common share for the year ended September 30, 2005, a positive increase of $6,636,535.
"As of September 30, 2006, the Company's total assets amounted to $7,231,773, compared to $1,719,042 on September 30, 2005. Our total operating expenses decreased by $1,066,815 compared to the previous 12 months of operation. Furthermore, through the sale of marketable securities that the Company had previously received for services rendered, our cash and trading marketable securities totaled $1,194,175 on September 30, 2006," concluded Mr. Wasserman.
Mr. Gary L. Wolfson, Chief Executive Office, added: "Management embarked on a difficult task over two years ago to revamp and revitalize our Company. It required hard decisions and decisive action, and we believe the results are starting to be realized. We have assembled teams in the U.S. and China that maintain the highest levels of professionalism and possess the skills to capitalize on the challenges and opportunities uniquely provided by the Chinese economy. Can Genesis sustain such profitability and growth? That is the real challenge. The 'Year of the Golden Pig' graces the Chinese calendar only once every 60 years, and starting New Year's Day, February 18, 2007, we will see if that anticipated period of great prosperity includes Genesis."
About Genesis Technology Group, Inc.
Genesis Technology Group, Inc. ("Genesis" or "Genesis China") is a business development and marketing firm that specializes in advising and providing a turn key solution for Chinese small and mid-sized companies entering Western markets. We dedicate our expertise and capital resources to expand the potential of Chinese partner companies. We provide the marketing strategy, counsel, and plans to support our clients' business, financial, or marketing goals. We work closely with top management to define their strategy and business model to develop effective tactics to support business development. Our business mission is to create substantial, incremental stockholder value for emerging growth companies by executing strategy-driven programs that professionally incubate and mature Chinese companies and prepare them for Western markets. For more information, visit www.Genesis-China.net.
Safe Harbor Statement
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