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BOCA RATON, Fla., Sept. 29, 2006 (PRIMEZONE) -- Genesis Technology Group, Inc (OTC BB:GTEC.OB - News). announced that Lotus Pharmaceuticals, Inc. (OTC BB:SEAA.OB - News) has attained public company status on the OTC Bulletin Board, having successfully completed an acquisition by S.E. Asia Trading Company, Inc. Lotus contracted with Genesis through its Genesis Equity Partners (GEP) partnering program to achieve this goal in six months' time. With the success of its Chinese partner companies, Genesis management anticipates ``the impact on the bottom line of Genesis should be significant''. Dr. Liu Zhongyi, Lotus Chairman and Chief Executive Officer, remarked from Beijing: ``We are proud that Lotus has achieved public company status. We signed the partnering contract with GEP on March 26, 2006, and, almost to the day, Lotus is publicly trading six months later. Lotus should impress investors globally, as we have a history of profitability and growth in a respected market sector.''
Commented Adam Wasserman, Lotus' Chief Financial Officer: ``For the year ended December 31, 2005, Lotus reported net revenues of approximately $17.7 million and net income of $1.8 million. Based on unaudited results for the six months ended June 30, 2006, net revenues reached approximately $15.4 million and net income of $2.8 million. We are impressed by the Company's performance and growth, and look forward to its expanding domestically (in China) and perhaps even internationally.''
Mr. Gary L. Wolfson, CEO of Genesis Technology Group, added: ``The GEP partnering program benefits the Chinese company, the existing U.S. public shell, and-most importantly to our side-the shareholders of Genesis. The impact on the bottom line of Genesis should be significant, and we believe that our shareholders will be pleased with the performance of the Company, as reflected in our year-end financial reporting. Our current fiscal year concludes on September 30, 2006.
``Importantly, the GEP program should have sustainability in that we have additional Chinese partners now in the due diligence process that could follow the successful standards set by Lotus. Both our U.S. and Beijing staffs work diligently and arduously to achieve this goal.''
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GTEC announced Friday that the Lotus IPO is offcial. Genesis will holds a large position in Lotus which should have a positive impact on GTEC revenue in upcoming quarters.
Also Genesis (GTEC.OB) has an October deadline with the SEC for the merger with Goldhorse, see GTEC web site for all the details!
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