BOCA RATON, Fla., May 23, 2007 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) announced that its partner company, Lotus Pharmaceuticals, Inc. (OTCBB:LTUS), released its first quarter results with revenues increasing by 26.73% and working capital reaching nearly $10 million.
The Lotus 10-QSB filing showed total revenues for the three months ended March 31, 2007 were $8,289,535 as compared to total revenues of $6,541,095 for the three months ended March 31, 2006, an increase of $1,748,440 or approximately 26.73%. Lotus reported income from operations of $1,129,779 for the three months ended March 31, 2007. The Company's working capital position increased $1,292,456 to $9,938,532 at March 31, 2007 from $8,646,076 at December 31, 2006.
In its well-established private-to-public program, Genesis has five additional contract partners: (1) Gold Horse International, in the final stage of the program before attaining public company status; (2) China Environmental Technologies, in the final stage of the U.S. auditing process; (3) Oriental Health Beverages, in the final stage of the U.S. auditing process; (4) Sino Steel Structures, in the pre-audit and pre-legal phase; and (5) LJ Pharmaceuticals, in the pre-audit and pre-legal phase.
About Genesis Technology Group, Inc.
Genesis Technology Group, Inc. (d/b/a Genesis China and GTEC) is a U.S. public company that partners with qualified Chinese companies to expand their domestic and international market opportunities. The customized private-to-public program seeks to tap in to Western capital markets to attain this goal. 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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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. The capital and growth program, the Company's central profit center, has specific risks and liabilities. Followers of our business model must understand that, until the Chinese partner company officially reaches public company status and files its initial Form 8-K, a high degree of risk exists that the partner may not ever attain that status. While receipt of a significant equity position in these companies is contractual, Genesis still recognizes that such compensation is conditional on performance and specific deliverables.