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Genesis' Pharmaceutical Partner Releases Audited Annual Report with $4.1 Million in Net Profits

Last Update: 6:30 AM ET Apr 18, 2007
revealed gross revenues of $36 million, net profits of $4.1 million and net assets of $20.6 million.
Dr. Shaohua Tan, Genesis' Director headquartered in Beijing, also offered an update for the Genesis private-to-public program that operates under the name Genesis Equity Partners, LLC (GEP), a group of majority-owned subsidiaries, individually designated for each Chinese partner company. Among Dr. Tan's key comments were:


1.  Lotus has shown good progress since becoming a GEP partner company
    last March. GTEC owns 6.7 million LTUS common shares of the 50
    million outstanding. Genesis maintains an active role in Lotus
    operations and strategy, having appointed three members on its
    board of directors, also serving in an ongoing consulting
    capacity overseeing its U.S. office and activities.

2.  Gold Horse International, Inc. (GHI) continues to advance to
    public company status. Its official U.S. audit required an
    updating through December 2006, which has now been completed by
    Kabani & Company. GHI has moved into the late stages of the GEP
    private-to-public program.

3.  The other three GEP partner companies bear U.S. designations and
    have entered the exacting U.S. auditing stage. China Environmental
    Technologies, Oriental Health Beverages, and Sino Steel Structures
    could produce significant profits and assets for Genesis, if

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