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Genesis Pharmaceuticals Files Counter Claims

LAIYANG, China, Oct. 31 /Xinhua-PRNewswire-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, was granted leave by the American Arbitration Association ("AAA") to amend its counterclaims and add claims for defamation and breach of contract in a contractual dispute with Capital Research Group Partners, Inc. and Capital Research Group, Inc. ("CRG&P"). The hearing date for the arbitration is set for December 1, 2008 in the AAA offices in Miami, Florida.

CRG&P recently issued a press release that Genesis alleges included numerous false and defamatory statements about Genesis and Genesis' officers and directors.

"We believe that CRG&P made false statements against us in an attempt to damage our Company's reputation. We plan to vigorously pursue our new counterclaims in the upcoming arbitration," stated Mr. Wubo Cao, Chairman and CEO of Genesis Pharmaceuticals Enterprises.

About Genesis Pharmaceuticals Enterprises, Inc.

Genesis Pharmaceuticals Enterprises, Inc. is a U.S. public company engaged in the research, development, production, marketing and sales of pharmaceutical products in the People's Republic of China. Its operations are located in Northeast China in an Economic Development Zone in Laiyang City, Shandong province. Genesis is a pharmaceutical company in China producing western and Chinese herbal-based medical drugs in tablet, capsule, and granule form.

Safe Harbor Statement

Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 introduce, manufacture and distribute new drugs. Actual results may differ materially from predicted results, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to obtain raw materials needed in manufacturing, the continuing employment of key employees, the failure risks inherent in testing any new drug, the possibility that regulatory approvals may be delayed or become unavailable, patent or licensing concerns that may include litigation, direct competition from other manufacturers and product obsolescence. 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.

For more information, please contact:

Genesis Pharmaceuticals Enterprises, Inc.

Ms. Elsa Sung, CFO

Tel: +1-954-727-8435



CCG Investor Relations, Inc.

Mr. Crocker Coulson, President

Tel: +1-646-213-1915



SOURCE Genesis Pharmaceuticals Enterprises, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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