MIAMI, Oct. 9 /PRNewswire/ -- China West II has filed an arbitration for $6 million USD against Genesis Pharmaceuticals for its breach of contract and failure to distribute stock in China Wind Systems, Inc. per operating agreement and contractual obligations.
Genesis Equity Partners II (GEP II) was formed in 2007 to complete the private to public reverse merger program for China Wind ("Green Power"). Genesis owned 51%, China West owned 24.5% and Joshua Tan, a director of Genesis, owned 24.5% of GEP II. Green Power completed the private to public process in November 2007.
Neither Genesis shareholders nor China West II received their rightful share benefit. Greenview Capital, the same firm that arranged the Genesis financing, received 2,420,204 shares and Cawston Enterprises received 2,866,570 of CWSI as well.
Pacific Rim Consultants Inc., whose officers are Justin A. Wolfson, Caeli R. Wolfson Widger, Jonathan A. Wolfson, and Gregory T. Wolfson, received 3,089,753 shares in China Wind Systems or Green Power. Gary L Wolfson is the registered agent for Pacific Rim Consultants as well as former Genesis Chairman of the Board and CEO and Genesis Holdings CEO. China Wind Systems traded as high as $6.00.
During a quarterly conference call, Genesis CFO Elsa Sung told shareholders that she had no knowledge about any Green Power contract. However, Genesis CFO Sung was the lead auditor for Green Power/China Wind Systems whilst employed at Sherb and Co. Genesis hired Sherb and Co. to conduct the GAAP audit for the purposes of going public.
China West II is represented by Jeffrey Tew, Esq., Tew Cardenas, 15th Floor Four Seasons Tower, 1441 Brickell Avenue, Miami, FL 3331. Genesis is represented by Benjamin Olive, Esq., Olive & Associates, 2438 E. Las Olas Blvd., Fort Lauderdale, FL 33301.
Genesis Technology is currently a wholly owned subsidiary of Genesis Pharmaceuticals , now operating as Genesis Holdings.
This is an excellent comparison to our current economy, where investors and shareholders alike bear all the risk yet executives continue to always prosper. We are in the midst of launching www.GTEC-GoldenParachute.com . The site will be accessible for former and current Genesis stockholders to review voluminous material about GTEC, GEP II, and of course Genesis Pharmaceuticals.
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements including, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. 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, 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 and Exchange Commission.
CONTACT: Charles Tamburello of China West II, +1-305-323-5687,
GenesisLawSuit2@gmail.com
Web site: http://www.GTEC-GoldenParachute.com/
