BEIJING, May 17, 2007 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) announced it has signed a leading Chinese pharmaceutical company as the sixth member of its private-to-public partnering program. Based on information provided by the Chinese company, fiscal 2006 revenues topped $92 million and net profits exceeded 16%.
"Our newest partner company is decidedly our largest to date," remarked Dr. Shaohua Tan, Genesis Director in Beijing. "Our U.S. executive team soon will assemble in China to conduct discussions on how to best utilize this well-established pharmaceutical company in our capital and growth program.
"Gold Horse International, GTEC's partner company engaged in construction and real estate development in Western China, has reached the final stage in the private-to-public program. Interested parties should remain alert as announcements are expected to be made near term. Genesis' other partner companies -- China Environmental Technologies, Oriental Health Beverages and Sino Steel Structures -- are at various stages of the U.S. auditing process.
"We cannot offer a timeline for any of these partner companies to graduate to U.S. public company status. With CSRC regulations and the challenges of performing due diligence on each prospect, it remains a difficult and expensive process. Lotus (OTCBB:LTUS) remains a symbol of our success, and we are confident our other partner companies can join its rank in the future," concluded Dr. Tan.
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-China.net.
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