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
CCG Investor Relations, Inc.
Mr. Crocker Coulson, President
|SOURCE Genesis Pharmaceuticals Enterprises, Inc.|
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