Navigation Links
China West II Files Suit Against Genesis Pharmaceuticals and Capital Research Group Inc, Announces Conference Call Details
Date:11/27/2008

MIAMI, Nov. 27 /PRNewswire/ -- China West II today announced it has filed an additional law suit in Miami Dade County, Florida state court against Genesis Pharmaceuticals (OTC Bulletin Board: GNPH), (Genesis) f/n/a Genesis Technology Group, Inc. (GTEC) and Genesis Equity Partners II (GEP II) for GEP II's failure to pay a $190,000 promissory note that became due in August 2008 and for Genesis failure to pay its guarantee of 75% of the amount due under the note.

GEP II borrowed $190,000 from China West II to complete the China Wind Systems (OTC Bulletin Board: CWSI) reverse merger and Genesis guaranteed payment of 75% of all sums due under the note. GEP failed to pay the $190,000 promissory note when it was due and Genesis failed to pay its guarantee. Genesis also failed to dividend the CWSI stock to all of the GEP II partners as outlined in the GEP II operating agreement. China West II has also filed a separate $6.7 million arbitration against Genesis with the American Arbitration Association for Genesis' failure to distribute to China West II its share of the CWSI stock.

Genesis Equity Partners II (GEP II) was formed in 2007 to complete the private to public reverse merger program for China Wind ("Green Power"). GTEC owned 51%, China West owned 24.5% and Joshua Tan, a director of Genesis, owned 24.5% of GEP II. Green Power completed the private to public process in November 2007.

Neither Genesis shareholders nor China West II received their rightful share benefit. Greenview Capital, the same firm that arranged the Genesis financing, received 2,420,204 shares and Cawston Enterprises received 2,866,570 of CWSI as well.

Pacific Rim Consultants Inc., whose officers are Justin A. Wolfson, Caeli R. Wolfson Widger, Jonathan A. Wolfson, and Gregory T. Wolfson, received 3,089,753 shares in China Wind Systems or Green Power. Gary L Wolfson is the registered agent for Pacific Rim Consultants as well as former Genesis Chairman of the Board and CEO and CEO of Genesis Holdings.

Furthermore, in addition to the arbitration and current litigation cases, Capital Research Group will hold a shareholder caucus, via teleconference on November 28, 2008 at 12 pm EST. The purpose of this teleconference and online gathering will be to discuss the prospect of potential shareholder litigation against Genesis Pharmaceutical Enterprise, GTEC Current and Past Directors and GTEC Holdings. The telephone number for the conference is 1-888-296-6828 and the pass code is 516928.

China West II is represented by Jeffrey Tew, Esq., Tew Cardenas, 15th Floor Four Seasons Tower, 1441 Brickell Avenue, Miami, FL 3331. Genesis is represented by Benjamin Olive, Esq., Olive & Associates, 2438 E. Las Olas Blvd., Fort Lauderdale, FL 33301. China Wind Systems traded as high as $6.00.


'/>"/>
SOURCE China West II
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Chinas 1-child policy could backfire on its elderly
2. Omnicom Acquires Leading Healthcare Marketing Communications Firm in China
3. Expanding Prevalent Population Will Drive Dramatic Growth for the Asthma Drug Market in China
4. Bridgetech Announces Addition of the Agency for Healthcare Research and Quality as Content Provider in its Development of a Healthcare Web Portal in China
5. China Holdings Appoints Ronald Shon Chairman of Advisory Board to Its Wholly-Owned Subsidiary China Power, Inc.
6. China Bionanometer Industries Corporation Promotes New Cosmetics Product Line in China
7. China Shenghuo Pharmaceutical Holdings, Inc. Begins Full-Scale Launch of 12Ways(R) Chinese Herbal Skin Care Product Line
8. Statement by Mike Leavitt Secretary of Health and Human Services on the United States-China Bilateral Meetings on Food and Drug Safety
9. Supplier Assessments to Help Buyers Identify Reliable China Exporters
10. Study shows lead-based paint problem isnt isolated to China
11. Bracco Announces Initiative to Save Children in China at 2007 Annual Meeting of CGI
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/5/2016)... ... May 05, 2016 , ... In honor of National ... encouraging people all over the United States to thank a nurse who's made a ... will donate $5 to the American Red Cross of San Diego/Imperial Counties (up to ...
(Date:5/5/2016)... Boston, MA (PRWEB) , ... May 05, 2016 , ... ... stress becomes a constant presence, it can weaken the immune system and increase inflammation, ... Ami B. Bhatt, director of the adult congenital heart disease program at Harvard-affiliated Massachusetts ...
(Date:5/5/2016)... ... May 05, 2016 , ... CURE Media Group ... today announced a new collaboration with Imerman Angels to expand outreach and ... the world. , “Imerman Angels provides an emotional lifeline to patients and families facing ...
(Date:5/5/2016)... ... May 05, 2016 , ... Dermatologic surgeons performed nearly 10 ... and up 27 percent since 2012. , The results of the 2015 ASDS Survey ... increase in skin cancer treatments and the growing popularity of soft-tissue fillers and body ...
(Date:5/5/2016)... , ... May 05, 2016 , ... Liposuction specialist Marcia ... Conference in St. Louis, Missouri at the Marriot St. Louis Airport Hotel. This year’s ... chosen to address the conference about her unique specialization in treating Lipedema. Dr. Byrd ...
Breaking Medicine News(10 mins):
(Date:5/4/2016)... 4, 2016 Research ... "Global Acute Ischemic Stroke Market and Competitive ... offering.       (Logo: http://photos.prnewswire.com/prnh/20160330/349511LOGO ... Ischemic Stroke Market and Competitive Landscape Highlights ... Stroke pipeline products, Acute Ischemic Stroke epidemiology, ...
(Date:5/3/2016)... PUNE, India , May 4, 2016 /PRNewswire/ ... report spreads across 154 pages, profiling 09 key ... It is a professional and in-depth study on ... providing a basic overview of the industry including ... Insulin Needles market analysis is provided for the ...
(Date:5/3/2016)... Ariz. , May 3, 2016  As a ... twice contracted rheumatic fever, which damaged his heart. He ... But by June 2013, Shepherd,s heart was giving ... from death. On June 20, 2013, the ... Total Artificial Heart (TAH-t). Like a heart transplant, the ...
Breaking Medicine Technology: