LAIYANG, China, Jan. 13 /PRNewswire-Asia-FirstCall/ -- Genesis Pharmaceuticals Enterprises, Inc. ("Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced that it engaged KPMG Huazhen ("KPMG"), a member firm of the KPMG network of independent member firms affiliated with KPMG International, to assist the Company in complying with the financial reporting and control requirements of Sarbanes-Oxley Act Section 404 ("SOX 404").
KPMG will work closely with Genesis' management to help prepare a SOX 404 compliance program by sharing with Genesis' management its knowledge about how other firms comply with SOX 404 requirements on an ongoing basis. As part of compliance with SOX 404, Genesis and its external auditor will examine and report on the adequacy of the Company's internal financial reporting and control systems after documenting and testing financial reporting and control procedures. Genesis' SOX 404 compliance program will address how management's decision making is linked to financial reporting risks.
"We are pleased to engage KPMG for this important undertaking, part of our efforts to ensure that Genesis is in full compliance with the requirements of SOX 404," said Mr. Wubo Cao, Chief Executive Officer of Genesis. "We hope that our efforts increase shareholders' confidence in our financial reporting standards and commitment to upgrade to a senior stock exchange."
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, including those relating to the Company's implementation of SOX 404. 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,
+1-954-727-8435, or elsasung@jiangbo.com; or CCG Investor Relations, Inc.,
Mr. Crocker Coulson, President, +1-646-213-1915, or
crocker.coulson@ccgir.com for Genesis Pharmaceuticals Enterprises, Inc.
Web site: http://www.genesispharmaceuticals.com/
http://www.ccgirasia.com//
