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Defends Itself in a Multi-Million Dollar Arbitration, Two Other Arbitration Proceedings Against Genesis are Withdrawn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two arbitration proceedings filed against Genesis by related parties China West, LLC and China West II, LLC were withdrawn.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proceeding brought against us by CRG and CRGP is successfully concluded, and China West and China West II have withdrawn their arbitration proceedings against us, we can once again fully focus on managing and growing Genesis."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:6/25/2016)... ... June 25, 2016 , ... Experts from ... at AcademyHealth’s Annual Research Meeting June 26-28, 2016, at the Hynes Convention Center ... care topics including advance care planning, healthcare costs and patient and family engagement. ...
(Date:6/25/2016)... ... June 25, 2016 , ... As a lifelong Southern Californian, Dr. Omkar Marathe ... from the David Geffen School of Medicine at UCLA. He trained in Internal Medicine ... his fellowship in hematology/oncology at the UCLA-Olive View-Cedars Sinai program where he had the ...
(Date:6/24/2016)... , ... June 24, 2016 , ... Those who have ... these feelings, many turn to unhealthy avenues, such as drug or alcohol abuse, as ... Michigan, has released tools for healthy coping following a traumatic event. , Trauma sufferers ...
(Date:6/24/2016)... San Francisco, CA (PRWEB) , ... June 24, ... ... at CitiDent, is now offering micro-osteoperforation for accelerated orthodontic treatment. Dr. Cheng has ... , self-ligating Damon brackets , AcceleDent, and accelerated osteogenic orthodontics. , ...
(Date:6/24/2016)... NY (PRWEB) , ... June 24, 2016 , ... ... Haute Living, is proud to recognize Dr. Barry M. Weintraub as a prominent ... “the most beautiful women in the world, and the most handsome men, look ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... 2016  Collagen Matrix, Inc., ("Collagen Matrix") the ... of collagen and mineral based medical devices for ... Bill Messer has joined the company as ... the growing portfolio of oral surgery, neurosurgery, orthopaedic ... joins the Collagen Matrix executive team as an ...
(Date:6/24/2016)... -- The Academy of Managed Care Pharmacy (AMCP) today ... allow biopharmaceutical companies to more easily share health care ... coverage decisions, a move that addresses the growing need ... The recommendations address restrictions in the sharing of product ... a prohibition that hinders decision makers from accessing HCEI ...
(Date:6/24/2016)... --  Pulmatrix, Inc ., (NASDAQ: PULM ), ... today that it was added to the Russell Microcap ... set of U.S. and global equity indexes on June ... for Pulmatrix," said Chief Executive Officer Robert Clarke ... in developing drugs for crucial unmet medical needs, and ...
Breaking Medicine Technology: