SOURCE: Genesis Technology Group, Inc.

November 21, 2005 17:00 ET

Genesis Announces World Bank Group Invests $4.6 Million in New Chinese Distance Learning Project

BOCA RATON, FL -- (MARKET WIRE) -- November 21, 2005 -- Genesis Technology Group, Inc. (OTC BB: GTEC) announced that the World Bank Group has invested $4.6 million in the China Vocational Education Satellite Network, the contract partner to its new subsidiary, Genesis Distance Learning Division (GDLD). Genesis management has estimated that its contract could have a value exceeding $10 million in profits for the Company in an industry estimated to yield billions of dollars globally.

Mr. Hong Kang, Chief Executive Officer of the CVE Satellite Network, commented: "Genesis management, with long-term success in bridging Chinese and Western business interests, should play a key role in our success in the United States. We are confident that Genesis can source our education partners at major U.S. universities, hospitals, and private companies. More than distance learning, we also believe that the CVE programs can result in better understanding and cooperation among peoples in different countries."

GDLD project manager, Ms. KeKe Zhang added: "We are impressed that the World Bank Group, through its International Finance Corporation, has invested $4.6 million in the CVE distance learning program. The confidence of this august body demonstrates the importance of the global education program."

Explains the International Finance Corporation: "The IFC promotes sustainable private sector investment in developing countries as a way to reduce poverty and improve people's lives. IFC is a member of the World Bank Group and is headquartered in Washington, D.C." (For more information, see www.ifc.org)

Ms. Zhang continued: "With the backing of the World Bank Group and IFC, the CVE program has moved to a different level. Genesis has been nearly overwhelmed by the interest this distance-learning program has caused, since our initial announcement in early November. The $10 million in profits, forecast over the life of the CVE contract, may prove to be conservative."

About the World Bank Group

The World Bank is a vital source of financial and technical assistance to developing countries around the world. It is not a bank in the common sense. The World Bank is made up of two unique development institutions owned by 184 member countries--the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Each institution plays a different but supportive role in its mission of global poverty reduction and the improvement of living standards. The IBRD focuses on middle income and creditworthy poor countries, while IDA focuses on the poorest countries in the world. For more information, visit www.worldbank.org

About China Vocational Education Satellite Network

China Vocational Education Satellite Network is the premier distance learning platform sponsored by the National Center for Education Development & Research of Ministry of Education of People's Republic of China, owned and operated by Shanghai Aerospace Computer System Engineering Co., Ltd. Shanghai Aerospace Computer System Engineering Co., Ltd. is a private shareholding company, engaging in the development of a multi-media medical training system, an image processing and satellite transmission system, and distance learning platform. SAC provides a satellite platform for, and partners with, the medical universities & colleges in China and other public partners to provide long distance medical education and training to working medical staff to upgrade their medical education level and fulfill their continuing education requirements

About Genesis Technology Group, Inc.

Genesis Technology Group, Inc. is a business development firm that fosters bilateral commerce between Western and Chinese companies. Genesis has created successful profit centers in product development, manufacturing, distribution, joint ventures and operational services. The Company has fully staffed offices in the United States, Hong Kong and China. For more information, visit www.genesis-technology.net

Safe Harbor Statement

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Contact Information

  • Contact:

    Genesis Technology Group, Inc.
    Kenneth Clinton
    Email: Email Contact
    Phone: 561-988-9880
    Fax: 561-988-9890