posted
Anybody see this news? up over 150% already
Genesis Technology Group Merges With Chinese Pharmaceutical: 'Crowning Achievement' Says Management Tuesday October 2, 9:34 am ET
BOCA RATON, Fla., Oct. 2, 2007 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTC BB:GTEC.OB - News) has entered into a reverse merger with a company that owns and controls Laiyang Jiangbo Pharmaceuticals Co., Ltd. (``LJPC''), a Chinese pharmaceutical company. For its fiscal year ended June 30, 2007, the Company reported total revenue of $76,000,000; net income of $22,000,000; total assets of $55,000,000; and cash on hand of $17,000,000. ADVERTISEMENT
Located in a coastal city in Shandong Province, LJPC underwent an official audit by Moore Stephens Wurth Frazer and Torbet, LLP of Los Angeles, California, in addition to a rigorous due diligence process by Genesis management and consultants.
Based on research performed by a U.S. consulting firm and merchant bank, which inspected the LJPC facilities in Laiyang City last month, revenues have grown by an average of 187% over the previous two years, and net income has risen by an average of 748% over the same period.
Mr. Gary L. Wolfson, Genesis CEO since August 2002, reported: ``Since early 2003, Genesis management has earnestly and methodically sought a merger partner. Under the guidance of Dr. Shaohua Tan in China, we screened numerous candidates, and none could match the strength and potential of Laiyang Jiangbo Pharmaceuticals.
``It is an honor to turn over the future of the merged company to the leadership of Mr. Wubo Cao and his experienced team. Mr. Cao shall serve as the Chairman and Chief Executive Officer. It is our belief that the existing Genesis shareholders will be rewarded for their patience and dedication. In many ways, this merger is the crowning achievement of many years of effort and planning by Genesis management.
``The details of the merger will be explained fully in filings with the Securities & Exchange Commission and in a letter to be posted on our website http://www.Genesis-China.net,'' explained Mr. Wolfson.
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. The forgoing description is prior to completion of the merger, which has resulted in Genesis Pharmaceutical Enterprises, Inc., the name of the merged company. For more information, visit http://www.Genesis-China.net.
Safe Harbor Statement and Disclaimer
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.
Contact: Genesis Pharmaceutical Enterprises, Inc. Elsa Sung, Chief Financial Officer (800) 867-0078, ext. 602 Fax: (561) 988-9890 info*Genesis-China.net 7900 Glades Road, Suite 420
Posts: 3026 | From: Chicago | Registered: Oct 2005
| IP: Logged |
posted
This is pretty big imo. The 22mm net is nice, the 17mm in cash is nicer, the OS is only 85mm. That is an EPS of .25. Throw in a PE of 10 and you have a 2.50 stock. If they dont dilute which they shouldnt have to this thing may be the start of something interesting. TMAN...
-------------------- In the end, trust only yourself when trading stocks. Posts: 2048 | From: Texas | Registered: Feb 2006
| IP: Logged |
posted
Me to homer. Just a few cents off the high isnt to awful bad. there was a ton of shares bought between .23 and .29, so maybe we can get a good pop tomorrow. I read the 8K and the preferred shares cant be exchanged for common as they are unregistered and the company wont make a decision about the AS until after 60 days of closing, so we have plenty of time to make some cash. TMAN...
-------------------- In the end, trust only yourself when trading stocks. Posts: 2048 | From: Texas | Registered: Feb 2006
| IP: Logged |
posted
Yup, I read that in the 8k. I plan on being out waaaaaaaay before that happpens with share exchange.
Expecting a nice gap tomorrow morning with a nice little run after that. .40 seems doable after the close we just had, so sweeeeeeeeeet!
Posts: 3026 | From: Chicago | Registered: Oct 2005
| IP: Logged |
Genesis Technology Group Posts Letter to Shareholders Detailing Merger With Chinese Pharmaceutical Company
Wednesday, October 03, 2007 08:30ET
BOCA RATON, Fla., Oct. 3, 2007 (PRIME NEWSWIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC) announced on Monday that it had completed a reverse merger with a company that owns and controls Laiyang Jiangbo Pharmaceuticals Co., Ltd. ("LJPC"), a Chinese pharmaceutical company.
To inform its shareholders and interested parties, the Company has posted on its website a detailed letter from management, explaining the structure and history of the merger, a profile of LJPC, and the future of the merged company, now known as Genesis Pharmaceutical Enterprises, Inc. The letter, in its entirety, is accessible at www.Genesis-China.net. Additional information is available under recent filings with the Securities & Exchange Commission.
Located in a coastal city in Shandong Province, LJPC underwent an official audit by Moore Stephens Wurth Frazer and Torbet, LLP of Los Angeles, California, in addition to a rigorous due diligence process by Genesis management and consultants. The law firm of Richardson & Patel P.A., also located in L.A., represented LJPC during the merger process.
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. The forgoing description is prior to completion of the merger, which has resulted in Genesis Pharmaceutical Enterprises, Inc., the name of the merged company. For more information, visit http://www.Genesis-China.net.
Safe Harbor Statement and Disclaimer
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.
posted
yes, wouldn't surprise me if this stock will run the whole week. quite big news and will attract a lot of new investors
Posts: 1065 | From: switzerland | Registered: Mar 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
