LOS ANGELES and LAIYANG, China, Oct. 24 /Xinhua-PRNewswire-FirstCall/ -- Genesis Technology Group Inc. (OTC Bulletin Board: GTEC) (to be known as Genesis Pharmaceutical Enterprises, Inc.) ("GTEC" or "the Company"), a leading pharmaceutical company in the People's Republic of China ("PRC"), today announced that it has retained CCG Elite to design and execute its investor relations campaign.
Genesis, through its wholly-owned subsidiary Laiyang Jiangbo Biotech Technologies Co., Ltd. ("JiangBo"), is engaged in the research, development, manufacture and sale of pharmaceutical products in the PRC. One of the major pharmaceutical companies in the PRC, Genesis offers a full product line of both western medical drugs and Chinese herbal-based medical drugs in tablet, capsule and granule forms. For the year ending June 30, 2007, net sales for Genesis totaled $76.2 million, up approximately 55 percent from $49.2 million in 2006.
"We are a rapidly growing, large non-state-owned pharmaceutical producer in Shandong Province," said Mr. Cao Wubo, the Chairman and CEO of Genesis Technology Group. "We look forward to working with CCG Elite to increase our visibility in both the investment community and with the financial media as we continue to execute our growth strategy."
Pharmaceutical demand in the PRC is forecast to expand by more than 13 percent annually to reach RMB385 billion (about US$51 billion) by 2010. Consumption and production of pharmaceuticals in the PRC is expected to increase rapidly over the long term because of strong economic growth, changing demographic patterns, and the reform and expansion of health care systems.
"JiangBo is a large pharmaceuticals producer with products distributed via hospital and medical outlets in China, with an advanced technology, an experienced management team and a strong, competitive marketing presence," said Crocker Coulson, President of CCG Elite. "The company is well-positioned to take advantage of increasing demand for pharmaceuticals in China. We intend to assist the company to develop a broader following with fund managers and analysts focusing on high growth equities from China through an integrated investor relations program."
The Company maintains a representative office in the United States, where its Chief Financial Officer and a support staff are located. For more information, refer to http://www.Genesis-China.net.
About CCG Elite
CCG Elite is uniquely positioned to provide an outsourced, high-level investor relations solution that combines in-depth understanding of Asia's corporate culture and economic scene with a direct pipeline into the leading funds and broker-dealers in the United States. CCG Elite is a global, full-service investor relations agency with corporate headquarters in Los Angeles, and offices in New York, Newport Beach, Dallas, Hong Kong and Beijing. For further information, contact CCG Elite or visit the company's website at http://www.ccgelite.com.
About Genesis Technology Group, Inc.
Genesis, through its wholly-owned subsidiary Laiyang Jiangbo Biotech Technologies Co., Ltd. ("JiangBo"), is engaged in the research, development, manufacture and sale of pharmaceutical products in the PRC. One of the major pharmaceutical companies in the PRC, Genesis offers a full product line of both western medical drugs and Chinese herbal-based medical drugs in tablet, capsule and granule forms. Jiangbo has several Certificates of Good Manufacturing Practices for Pharmaceutical Products from the Shandong State Drug Administration, and currently produces 5 major product categories in 3 forms.
Safe Harbor Statement
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 rights 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.
