LOS ANGELES and LAIYANG, China, Oct. 24 /Xinhua-PRNewswire-FirstCall/ -- Genesis Technology Group Inc. (OTC Bulletin Board: GTEC) (to be known as Genesis Pharmaceutical Enterprises, Inc.) ("GTEC" or "the Company"), a leading pharmaceutical company in the People's Republic of China ("PRC"), today announced that it has retained CCG Elite to design and execute its investor relations campaign.
Genesis, through its wholly-owned subsidiary Laiyang Jiangbo Biotech Technologies Co., Ltd. ("JiangBo"), is engaged in the research, development, manufacture and sale of pharmaceutical products in the PRC. One of the major pharmaceutical companies in the PRC, Genesis offers a full product line of both western medical drugs and Chinese herbal-based medical drugs in tablet, capsule and granule forms. For the year ending June 30, 2007, net sales for Genesis totaled $76.2 million, up approximately 55 percent from $49.2 million in 2006.
"We are a rapidly growing, large non-state-owned pharmaceutical producer in Shandong Province," said Mr. Cao Wubo, the Chairman and CEO of Genesis Technology Group. "We look forward to working with CCG Elite to increase our visibility in both the investment community and with the financial media as we continue to execute our growth strategy."
Pharmaceutical demand in the PRC is forecast to expand by more than 13 percent annually to reach RMB385 billion (about US$51 billion) by 2010. Consumption and production of pharmaceuticals in the PRC is expected to increase rapidly over the long term because of strong economic growth, changing demographic patterns, and the reform and expansion of health care systems.
"JiangBo is a large pharmaceuticals producer with products distributed
via hospital and medical outlets in China, with an advanced technology, an
experienced management team and a strong, competitive marketing presence,"
said Crocker Coulson, President of CCG Elite. "The company is
well-positioned to take advantage of inc
|SOURCE Genesis Technology Group Inc.|
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