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Genesis Management Offers Mid-Year Review From New York Conference Wednesday August 2, 7:00 am ET
BOCA RATON, Fla., Aug. 2, 2006 (PRIMEZONE) -- Genesis Technology Group, Inc. (OTC BB:GTEC.OB - News) Management released a mid-year review of the Company's accomplishments while in attendance at ``The Reverse Merger Conference 2006,'' sponsored by Deal Flow Media at The Hilton Hotel in New York City. Since its last Quarterly Report, the Company has:
-- Completed the SEC audit of its partner company, Lotus Pharmaceuticals, Inc. Beijing-based Lotus should be publicly trading near term, and Genesis will maintain a significant equity position in this company. The Lotus website, http://www.LotusEast.com, is still under development, but accessible for public preview.
-- Advanced the due diligence process of its other partner company, Gold Horse International, Inc. Like Lotus, Richardson & Patel law firm, headquartered in Los Angeles, is serving as the securities counsel. Once its audit is completed, Gold Horse could be publicly trading before year end, and Genesis will maintain a significant equity position in this company.
-- Benefited from its Beijing Media Event on May 23rd, by sourcing several new partner company candidates. The Genesis Equity Partners' (GEP) initiative, which can be studied at http://www.GEP888.com, received broad national press coverage and support in China. "Important policy changes by the Ministry of Commerce, to be announced in the coming days, could actually benefit GEP and may even lessen our U.S. current competition," observed Dr. Shaohua Tan, Director of China Operations.
-- Attended "The Reverse Merger Conference 2006," sponsored by Deal Flow Media at The Hilton Hotel in New York City on July 20th. GEP met with several public shell sources to advance its partnering program with qualified Chinese companies. GEP anticipates additional contracts before year end.
-- Continued its "merger search" for Genesis, and remains committed to selecting a qualified candidate that would substantially add value to the GTEC shareholders' and stake holders' investments. "We have been approached by many companies about merger opportunity or acquisition of Genesis. With our cash position, low overhead, and appreciating equity basket of marketable securities, Genesis must move forward cautiously and judiciously before committing to any merger," stated President Kenneth Clinton.
-- Prepared for release its third quarterly report (10SBQ), and management remains satisfied that its unique partnering program will provide positive and sustainable returns to the Genesis shareholders. The SEC filing will occur before the August deadline.
In summary, Genesis management contends that the Company has advanced constructively and continues on a track of profitability and sustainability. ``China shall always remain a land of huge opportunities and commensurate challenges,'' commented CEO Gary Wolfson. ``It is not for the faint of heart or impatient of attitude. For those who believe in China's future as we do, the rewards can be great, but it will take time and commitment to reach our goals.''
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