Viragen and Beijing Firms Present at Genesis Pharmaceutical Roundtable
BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 21, 2004-- Genesis Technology Group, Inc. (OTCBB:GTEC - News) announced today that it has accepted a private placement investment of $2 million from an international consortium of investors through a preferred stock offering. These funds are designated for joint venture, merger and acquisition activities in China to facilitate the Company's planned growth and expansion in 2004. As of this date, the Company has received $1 million of the investment. The second $1 million will be conveyed upon an SB-2 registration for underlying offered securities. During this registration period, the Company will not be allowed to issue any press releases or public statements.
Investment banking firm Coastline Capital Partners, an institutional finance division of Western International Securities, Inc., based in Los Angeles, served as a financial advisor to Genesis Technology during this round of fund raising, with Andrew Shayne and Kevin Pelletier serving as the principals. (Additional information is available at http://www.wisdirect.com)
Mr. Kenneth Clinton, Genesis Chief Operating Officer, commented: "For months, Genesis has been pursued by prospective investors. The Company is in the desirable position of not requiring operating capital, but can focus on organic and external growth. For the latter, we are actively seeking qualified companies for acquisition. After careful due diligence and unanimous approval by the Board of Directors, we accepted the investment from this group of global investors."
Added Dr. James Wang, Chairman of the Board: "This is the first time that GTEC has received an investment since the company went public in August 2001. The investment is essential for us to execute our long planned business expansion. We believe we are well positioned to capitalize on our subsidiaries and joint ventures owned in China, a client list of innovative companies, and the availability of qualified acquisition candidates both in China and the West. Management remains dedicated to adding value for the benefit of our shareholders, and this newly devised expansion program should show promising results in the near future."
Genesis also announced its hosting a Chinese pharmaceutical roundtable titled, "Doing Business in China: The Chinese Healthcare Markets - Potentials and Obstacles" in South Florida on Thursday, February 5th. The presenters at the forum, in addition to Genesis, will be Viragen, Inc. (AMEX:VRA - News), UniPharm Group of China and Waystone Ltd. of Beijing, covering an overview of Chinese pharmaceutical market experiences.
Viragen is working with Genesis Technology Group to introduce Multiferon(TM) to potential distribution partners in China. Multiferon is currently approved for sale in Hong Kong as a second-line therapy for the treatment of Hairy Cell Leukemia and Chronic Myelogenous Leukemia and the registration process is underway throughout Asia to expand the drug's approved indications to include many viral and malignant diseases including hepatitis B, hepatitis C and certain cancers.
The Chinese pharmaceutical roundtable will feature presentations by guest speakers Mr. James Shen, President and CEO of UniPharm Group (China) and Ms. Joanne Zhou, Chairman and Master Trainer of Waystone (Beijing) Ltd. Mr. Shen has years of experience in providing strategic advice to international healthcare companies for their market entry and development in China as the president of Wicon International Ltd. since 1991. He worked with many large and mid-size pharmaceutical companies, including IVAX, Pfizer, Synthelabo and TEVA in a variety of projects pertaining to entering the Chinese pharmaceutical markets. Ms. Joanne Zhou has provided consulting and training services in various areas including cross-cultural communication, language and business communications to many prestigious companies and organizations such as Lloyds of London, AT&T, GTE, Thomson Group, 3M, Chanel, London University, Exeter University, The Management Forum, British Foreign Office, UNESCO and the World Bank.
Event: Doing Business in China: China Pharmaceutical Roundtable
Topic: The Chinese Healthcare Markets - Potential and Obstacles When: 3:00 p.m. - 5:30 p.m. (EST), February 5, 2004 Where: Renaissance Hotel (1230 S. Pine Island Rd.), Plantation, Florida
Fee: There is no fee for this event, but space is limited
To RSVP or obtain the program's agenda: Contact Melanie Eckenroth at (561) 988-9880 Or via email to: Melanie@genesis-technology.net
About Viragen, Inc.
Viragen is a biotechnology company specializing in the research, development and commercialization of natural and recombinant protein-based drugs designed to treat a broad range of viral and malignant diseases. These protein-based drugs include natural human alpha interferon, monoclonal antibodies, peptide drugs and therapeutic vaccines. Viragen's strategy also includes the development of Avian Transgenic Technology for the large-scale, cost-effective manufacturing of its portfolio of protein-based drugs, as well as offering Contract Manufacturing for the biopharmaceutical industry. Viragen is publicly traded on the American Stock Exchange (VRA). Viragen's majority owned subsidiary, Viragen International, Inc., is publicly traded on the Over-The-Counter Bulletin Board (VGNI). Viragen's key partners and licensors include: Roslin Institute, Memorial Sloan-Kettering Cancer Center, Cancer Research UK, University of Nottingham (U.K.), University of Miami, America's Blood Centers and the German Red Cross. (For reference, visit http://www.Viragen.com)
About Unipharm Group (China), Ltd.
UniPharm Group (China) is a US holding company uniquely positioned to take advantage of many fundamental strengths of the Chinese pharmaceutical industry and the significant growth potential of the Chinese healthcare market. Unipharm Group manages international joint ventures including Beijing Jicai Pharmaceutical Technology Ltd. (a specialty generic pharmaceutical research company in China), Nanjing Zinox Pharmaceutical Co. Ltd. (a vertically-integrated generic pharmaceutical company in China), and Wicon International Ltd. (a leading consulting firm specializing in the Chinese pharmaceutical market).
About WayStone (Beijing), Ltd.
WayStone (Beijing) Ltd. was established to help bridge the gap between people from different cultures. It provides a range of specialized training and consultation services to help individuals and businesses achieve a better understanding of and ability to communicate in a cross-cultural work, living or study environments. Founded by Joanne Xiao-Hua Zhou and James Shen in Beijing, Waystone advises companies on the cross-cultural elements in various aspects of their business such as public and government relations, employee relations, product concept design, product packaging, advertising and promotion, customer relations.
About Genesis Technology Group, Inc.
Genesis Technology Group is a business development firm that fosters bilateral commerce between companies in the United States and Europe with those in China. Genesis has created successful profit centers in product development, manufacturing, distribution, joint ventures and operational services. Genesis has established effective working relationships with various governmental agencies, public institutions, and private industries in China at both national and provincial levels. The Company also aims to play a key role in assisting small to mid-size Chinese private companies that desire growth, to expand their business with the financial and operational support of the Genesis. (For reference, visit http://www.genesis-technology.net)
This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the company's limited operating history, the limited financial resources, domestic or global economic conditions - especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. 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 & Exchange Commission.
Genesis Technology Group, Inc., Boca Raton Kenneth Clinton, 561-988-9880, Fax 561-988-9890 Email: firstname.lastname@example.org or Viragen, Inc. Douglas Calder, 954-233-8746, Fax 954-233-1414 E-mail: email@example.com