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Genesis Pharmaceuticals Enters Into Agreement to Purchase Hongrui Pharmaceuticals, and Acquire 22 New Traditional Chinese Medicines
Date:1/29/2009

LAIYANG, China, Jan. 29 /PRNewswire-Asia-FirstCall/ -- Genesis Pharmaceuticals Enterprises, Inc. (OTC Bulletin Board: GNPH) ("Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced that Laiyang Jiangbo Pharmaceutical Co., Ltd. ("Laiyang"), a wholly-owned subsidiary of the Company, entered into an Assets Transfer Contract (the "Contract") with Shandong Chinese Traditional Medicine College (the "Medicine College") and Hongrui Pharmaceuticals, Ltd. ("Hongrui"), a wholly-owned subsidiary of the Medicine College, pursuant to which Laiyang will purchase the majority of the assets owned by Hongrui, including all tangible assets, including without limitation, all manufacturing and office buildings, land, equipment and inventories and all rights to manufacture and distribute Hongrui's 22 Traditional Chinese Medicines ("TCM"), for a total purchase price of RMB110 million (approximately $16.1 million) consisting of RMB66 million in cash (approximately US$9.6 million) and 643,651 shares of the Company's common stock. Because the current fair market value share price is approximately US$2.6 million; the Company has valued the transaction at approximately US$12.2 million.

The purchase will be consummated in stages following the receipt by the parties of all required regulatory approvals including the approval of the Shandong Province Food and Drug Administration ("SFDA") and the approval of the Shandong State Owned Assets Administration Department. As of January 23, 2009, this transaction has been approved by the Shandong State Owned Assets Administration Department and certain assets were transferred to Laiyang. Pursuant to the terms of the Contract, the purchase consideration will be paid to the Medicine College as follows: RMB20 million (approximately US$2.9 million) of the purchase price will be paid to the Medicine College in cash within one
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SOURCE Genesis Pharmaceuticals Enterprises, Inc.
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