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Genesis Pharmaceuticals Reports Results for the Second Quarter of its Fiscal Year 2009
Date:2/17/2009

February 2009, the Company was notified by an AAA Panel that it awarded a total of $980,070 to claimants in the last remaining joint arbitration proceedings against the Company. These claimants had originally sought over $13 million from the Company. Once this joint claim is satisfied, the claimants who brought the arbitration proceedings against the Company will no longer be able to seek Genesis' shares or any other property which was originally sought in the arbitration proceedings brought by them.

"As part of our ongoing process of reviewing and improving our operational and financial reporting and controls, we engaged KPMG Huazhen to help develop a SOX 404 compliance program for us. We expect that the ideas which are generated during this engagement will help us in our ongoing preparations for upgrading the listing of our shares to the NASDAQ Capital Market."

Business Outlook and Guidance

In January of 2009, China's government announced that it will spend more than $120 billion over the next three years to expand insurance coverage, revamp public hospitals and improve access to medical treatment. Genesis expects these government programs to create favorable market conditions for the Company, especially because most of the Company's products are used to treat commonly occurring diseases.

The government aims to extend medical insurance to 90% of the population by 2011 and make "basic health-care services" available to all of China's 1.3 billion citizens. Making medical services available to more people is line with the Company's marketing strategy which includes increasing sales in rural markets.

"Sales growth for Baobaole Chewable Tablets and Radix Isatidis Dispersible Tablets confirms that there are tremendous market opportunities for over the counter products in China. Our acquisition of Hongrui comes at a time when the Chinese government is about to increase its spen
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SOURCE Genesis Pharmaceuticals Enterprises, Inc.
Copyright©2009 PR Newswire.
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