SOURCE: Genesis Technology Group, Inc.

June 21, 2005 06:30 ET

Genesis Hong Kong Subsidiary Signs Contract With Diebold Shanghai to Furnish LCD Monitors

Initial Forecast of $6 Million in Revenues May Prove Too Conservative

BOCA RATON, FL -- (MARKET WIRE) -- June 21, 2005 -- Genesis Technology Group, Inc. (OTC BB: GTEC) announced that its new subsidiary, Genesis Hong Kong OEM Direct, signed a contract with Diebold Shanghai to furnish a trial order of LCD monitors. Genesis management had predicted that its import/export branch should add more than $6 million to annual revenues that topped $23 million in the past fiscal year, but recent contracts suggest that this initial forecast may prove too conservative.

Commented Genesis Sales & Marketing Director Melanie Eckenroth: "Diebold is a global leader in providing integrated self-service delivery and security systems and services. Diebold employs more than 14,000 associates with representation in nearly 90 countries worldwide and is headquartered in Canton, Ohio. Diebold, Incorporated reported revenue of $2.4 billion in 2004. We are pleased that Genesis has attracted an increasingly powerful clientele for the SVA-NEC product line that we market through our Hong Kong subsidiary."

Company Update: On Wednesday, June 15, 2005, Ms. Melanie Eckenroth was elected as president of the Florida-China Chamber of Commerce (see www.floridachina.org), succeeding Mr. Winchell Chung. On that same date, Genesis CEO Gary L. Wolfson participated in an interview with WallStreet.net. This audio interview may be accessed at www.wallst.net. Also, Genesis' contract client, Gulf South Forest Products, Inc., completed its third import order of plywood from China this month.

About Genesis Technology Group, Inc.

Genesis Technology Group, Inc. (also referred to as "Genesis China") 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. Genesis has established effective working relationships with various governmental agencies, public institutions, and private industries in China. In addition, the company acquires and invests in innovative technology companies in China or forms joint ventures with both Western and Chinese companies, focusing on emerging technology and natural resource industries. For reference, visit www.genesis-china.net

About Genesis Hong Kong OEM Direct, Ltd.

Genesis Hong Kong OEM Direct, Ltd. ("GHK") leverages its position as first-tier distributor and its access to superior technology to develop and market LCDs and LCD products. GHK is engaged in the IT products business and specializes in sale and export LCD products such as Panel, LCD Monitor, LCD TV, PDP, etc. The business relies firstly, on its close cooperation with numerous OEMs to offer high quality LCD products at the lowest cost, and secondly, GHK has the advantage of a direct sales network, which bypasses several layers of middlemen and trading companies, to deliver the best products at the best prices. As a subsidiary of the Genesis Technology Group, GHK has unique access to cutting edge LCD technology coupled with the advantage of direct marketing channels in China and internationally. GHK can also accommodate Genesis clients in consummating transactions with the assistance of its banking relationship with Standard & Chartered Bank. The GHK office is located at 12/F, Seabright Plaza Unit D, 9-23 Shell Street, North Point, Hong Kong. For reference, visit http://www.genesis-technology.net/subs.asp

Safe Harbor Statement

Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, 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 Information

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