Navigation Links
Genesis Pharmaceuticals Successfully Defends Itself in a Multi-Million Dollar Arbitration, Two Other Arbitration Proceedings Against Genesis are Withdrawn
Date:2/6/2009

LAIYANG, China, Feb. 6 /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 an American Arbitration Association ("AAA") arbitration panel rejected requests by Capital Research Group, Inc. ("CRG") to award it $13.8 million and Capital Research Group Partners, Inc. ("CRGP") to award it $13.7 million in a joint arbitration proceeding against Genesis alleging the breach of three consulting agreements entered into by Genesis.

On February 2, 2009, after the arbitration panel heard CRG and CRGP claims and Genesis counterclaims, the panel awarded a total of $980,070.50 to CRG and CRGP jointly, representing less than four percent (4%) of the damages sought by CRG and CRGP. The panel also denied CRG and CRGP requests for costs and pre-judgment interest, and stated that once the award is satisfied, CRG and CRGP will have no further claims against Genesis stock or other assets targeted in the arbitration proceeding.

A few days before the decision by the arbitration panel became available, two arbitration proceedings filed against Genesis by related parties China West, LLC and China West II, LLC were withdrawn.

"Although we are disappointed that the arbitration panel awarded a settlement, which the Company will pay, in the arbitration proceeding brought against us by CRG and CRGP, we believe that this outcome will have a minor negative impact on Genesis," said Mr. Wubo Cao, CEO of Genesis. "Now that the arbitration proceeding brought against us by CRG and CRGP is successfully concluded, and China West and China West II have withdrawn their arbitration proceedings against us, we can once again fully focus on managing and growing Genesis."

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 major pharmaceutical company in China producing both 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 Actual results may differ materially from anticipated or 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.

    Contact:

    Genesis Pharmaceuticals Enterprises, Inc.
    Ms. Elsa Sung, CFO
    Phone: (954) 727-8435
    E-mail: elsasung@jiangbo.com
    http:// www.genesispharmaceuticals.com

    CCG Investor Relations, Inc.
    Mr. Crocker Coulson, President
    Phone: (646) 213-1915
    E-mail: crocker.coulson@ccgir.com
   http://www.ccgirasia.com


'/>"/>
SOURCE Genesis Pharmaceuticals Enterprises, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Angiogenesis linked to poor survival in patients with rare type of ovarian cancer
2. Genesis Pharmaceuticals Enters Into Agreement to Purchase Hongrui Pharmaceuticals, and Acquire 22 New Traditional Chinese Medicines
3. Cardiogenesis Announces Successful Educational Symposium at Society of Thoracic Surgeons Meeting in San Francisco
4. What is the pathogenesis of C. jejuni-related disease?
5. ThermoGenesis Introduces New Cell Separation Technology for Veterinary Use at Major Equine Convention
6. ThermoGenesis Corp. Provides Updated Information for Conference Call/Webcast to Discuss Management Transition
7. ThermoGenesis Corp. Schedules Conference Call/Webcast to Discuss Management Transition
8. ThermoGenesis Announces Management Transition; Provides Update on Operational Milestones
9. Organogenesis Receives Two Prestigious Awards for Economic Impact and Manufacturing Excellence
10. China West II Files Suit Against Genesis Pharmaceuticals and Capital Research Group Inc, Announces Conference Call Details
11. ThermoGenesis Reports First Quarter 2009 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/9/2016)... ... 09, 2016 , ... Dr. Rassouli, cosmetic dentist in Orange County , ... most popular cosmetic procedures in dentistry today, but the cost often leads to patients ... risk of teeth whitening-related damage. For a limited time, Dr. Rassouli is offering this ...
(Date:2/9/2016)... ... 2016 , ... United Methodist Communications collaborated with Chocolate Moose ... video designed to prevent the next widespread Ebola outbreak from occurring ... distributed throughout Togo, Liberia, Sierra Leone, Nigeria, Côte d’Ivoire and other African countries, ...
(Date:2/8/2016)... ... ... CURE Media Group , the nation’s leading digital and print media enterprise ... , which will annually honor individuals making heroic contributions in the field of multiple ... Awards nomination process is officially open through February 17 for patients, caregivers and ...
(Date:2/8/2016)... ... February 08, 2016 , ... The Valentine’s Season is famous for gift giving with flowers, ... that they are loved. This year, for more than 5.6 million Americans suffering with ... won't be enough to remind them of the lives they’ve led and the people they’ve ...
(Date:2/8/2016)... ... February 08, 2016 , ... Steve Helwig & Associates Insurance & Financial, serving ... program, has teamed up with Citizens Opposed to Domestic Abuse in support of its ... support all those victimized by the fear of violence in their own homes, donations ...
Breaking Medicine News(10 mins):
(Date:2/9/2016)... Inc. (NASDAQ: MSON ), an international surgical ... therapeutic ultrasonic products for spine surgery, skull-based surgery, ... other surgical applications, today announced financial results for ... fiscal year 2016 ended December 31, 2015. ... Highlights for the second quarter and first half ...
(Date:2/9/2016)... 2016 QGEN ; ... Abschluss eines Kooperationsvertrags mit 10x Genomics für ... den Bereichen Next-Generation-Sequencing (NGS), Single-Cell-Biology und Bioinformatik ... Prime Standard: QIA) gab heute den Abschluss ... Entwicklung und Förderung umfassender Lösungen in den ...
(Date:2/9/2016)... --  AllCare Plus Pharmacy announced today that it ... ® for Home Care Accreditation by ... Seal of Approval ® is a symbol of ... and effective care.  --> ... on-site survey in January 2016. The survey reflected compliance ...
Breaking Medicine Technology: