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Due around Nov 15th (6 weeks after Q1 end, which was Sept. 30th)
From website: http://www.genesis-china.net/others.asp?fir_lineid=75&sec_lineid=480
5. When is the next earnings release?
Genesis Pharmaceuticals Enterprises, Inc.'s quarterly earnings reports are tentatively scheduled to be released 6 weeks following a quarter-end and 10 weeks following the year-end. All earnings releases are posted on our website.
That was what I was thinking too. Volume a little higher, pps a little higher, Q1 results on their way.
But on the other hand these thoughts have occured a lot to me last year. Let's see where we are heading this time...
Nice find _bbb_. It is a good thing they are going to defend themselves this way.
Bigplay you can try this one:
Genesis Pharmaceuticals Enterprises, Inc.
Ms. Elsa Sung, CFO
Tel: +1-954-727-8435
Contact:
Genesis Pharmaceuticals Enterprises, Inc.
Ms. Elsa Sung CFO
Phone: (561) 988-9880
Or
Genesis Pharmaceuticals Enterprises, Inc.
Ms. Elsa Sung, CFO
Tel: +1-954-727-8435
Randy, GNPH still holds shares of GHII and LTUS. I think that is what you mean to point out. Originally these shares (pre-merger assets) where to be sold and dividended out to pre-merger shareholders. That GNPH still holds these share is okay for me. Now wouldn't be a good time to sell them. Better wait for valuation of these stock on a more realistic basis...
This is what Gary L. Wolfson stated about it:
The Future of GTEC
GTEC has become a pharmaceutical company, with a subsidiary that holds the stock earned during its previous private-to-public business model. That stock will be liquidated, over a period of time, and the resulting cash will be utilized to cover existing and ongoing expenses related to the program, with the remaining cash, if any, to be distributed as a dividend to its U.S. shareholders. Upon liquidation, the subsidiary will be dissolved no later than 12 months hence.
Hey Long, I am dutch not german, Rabobank does my trades.
http://www.rabobank.nl/particulieren/
I never see my bid showing up in level2 either...
I was testing how low I could buy some, yesterday and today. I really have nothing more to spend left...so these 200 shares are all the bargains that are there for me for now.
Nice close for Dow Jones Index, maybe we have seen the bottom?
Greetings from Holland and GLTA
Bargains all around: bought 100 shares @ $3.39
Or am I missing bad news and is there a reason why pps keeps dropping?
Greetings from Holland and GLTA
They're not selling to me at $3.58, but bought a symbolic few shares @ $4.25
Greetings from Holland and GLTA
What if "they" or should I say "the market" take(s) the pps below $5, the required pps to get uplisted ?
http://www.wilmerhale.com/files/upload/Nasdaq_Listing_Requirements.pdf
Than we will have to wait a lot longer, I believe I've read about a waiting period of 90 days?
Greetings from Holland and GLTA
Investor, you are absolutely right. I could have known and I did but I reacted a little too strong. But that's is just because I have high hopes for GNPH...
Below a summary of the various procedings GNPH is involved in or has been in the past:
Legal proceedings
The following summarizes the Company’s pending and settled legal proceedings as of June 30, 2008:
Elizabeth Hiromoto et al v. Telecom Communications, Inc. et al. - Case No. 2:07-cv-07858-PSG-E, United States District Court, Central District of California (Western Division - Los Angeles)
On December 3, 2007, two individuals filed a lawsuit against the Company, its former Chief Executive Officer James Wang, and certain others, alleging breach of contract relating to damages arising from the sale of Telecom Communications, Inc.(“TCOM”) to Arran Services Limited, in which Mr. Wang acted as the Company’s President and Chairman to provide consulting services to TCOM and certain misrepresentations made on behalf of and in conjunction with TCOM’s majority shareholder . On July 2, 2008, the Company and the plaintiffs settled the lawsuit with prejudice and claims and plaintiffs have agreed to file a Request for Dismissal with Prejudice of the lawsuit.
The Company received letters dated August 22, 2008, August 25, 2008, and September 16, 2008, from Corrigan & Morris LLP, on behalf of James Wang, making a claim for indemnification of fees incurred in connection with the defense of two lawsuits brought against Mr. Wang. These letters request that the Company reimburse Mr. Wang a total of $153,243, representing attorneys’ fees, settlement amounts, and legal costs. The Company does not believe it has the obligation to reimburse Mr. Wang and is currently reviewing the letters.
Fernando Praca, Plaintiff v.s. EXTREMA, LLC and Genesis Pharmaceuticals Enterprises, Inc.- Case No. 50 2005 CA 005317, Circuit Court of the 15th Judicial Circuit in and for Palm Beach County, Florida.
Fernando Praca, former Director and former President of the Company’s discontinued subsidiary, Extrema LLC, which is included as part of the discontinued entities, filed an action in Dade County, Florida, against Extrema, LLC and the Company in June 2005, relating to damages arising from the sale of Extrema LLC to Genesis Technology Group, Inc. Praca had filed a Motion of Temporary Injunction but had not proceeded to move this case forward. The plaintiff decided to reinitiate the legal action in March 2008. In May 2008, the plaintiff and the Company entered into an agreement whereby the plaintiff agreed to return 100,000 shares of restricted common shares of the Company and the Company agreed to remove the restrictive legend on the 1,269,697 shares previously owned by the plaintiff. The Company subsequently cancelled the 100,000 restricted common stock. The plaintiff agreed to waive and release the Company from any and all further claims, demands or obligations.
Kenneth Clinton vs. Genesis Pharmaceuticals Enterprises, Inc., GTEC Holdings, Capital Growth Financial, Inc., Gary L. Wolfson and Pacific Rim Consultants, Inc. - Case No. 50 2007 CA 023923, Circuit Court of the 15th Judicial Circuit in and for Palm Beach County, Florida.
On December 21, 2007, Kenneth Clinton, a former director and former President of the Company, filed a lawsuit against the Company and certain entities and persons related to Genesis Technology Group, Inc. The complaint alleges, among other things, breach of contract against the Company for an agreement to pay the plaintiff certain shares of other public companies (collectively, the “Reverse Merger Shares”) in connection with reverse merger transactions arranged by Genesis Technology Group, Inc , and breach of contract against the Company for failure to allow the plaintiff to exercise certain stock options for shares in the Company or exchange such options for new shares in the Company. The plaintiff is seeking relief in the form of (1) delivery of the Reverse Merger Shares, or in the alternative damages in the amount of those shares, (2) a judgment against the Company to allow the plaintiff to exchange and exercise his stock options for shares in the Company, or in the alternative damages in the amount of those shares, and (3) a declaratory judgment regarding a pledge and escrow agreement with defendant Capital Growth Financial.
In February 2008, the Company entered into a settlement agreement and general release with Mr. Clinton whereby the Company agreed to allow Mr. Clinton exercise 1.5 million stock options issued under the Company’s 2007 stock option plan for shares in the Company and released and discharged Mr. Clinton from any and all claims, demands or obligations. Mr. Clinton agreed to waive and release the Company from any and all claims, demands or obligations.
Other litigation
The Company currently has pending before the American Arbitration Association the case of CRG Partners, Inc. (“CRGP”) and Genesis Technology Group, Inc. n/k/a Genesis Pharmaceuticals Enterprises, Inc. In that matter, CRGP seeks breach of contract damages from the Company for 29,978,900 shares of the Company’s stock (Pre 40 to 1 reverse split) or a dollar amount equal to the value of the stock, estimated by CRGP at approximately $10 million. As of the date of these consolidated financial statements, the Company is unable to estimate a loss, if any, the Company may incur related expenses to this lawsuit. The Company believes CRGP’s claims were without merit and plans to vigorously defend its position.
In June 2008, China West II, LLC (“CW II”) filed a Demand for Arbitration with the American Arbitration Association the case of CW II and Genesis Technology Group, Inc. n/k/a Genesis Pharmaceuticals Enterprises, Inc. and Joshua Tan. In that matter, CW II seeks breach of contract damages in connection with the Company’s October 2007 reverse merger from the Company and Joshua Tan, who’s the former director before the reverse merger, jointly and severally for approximately $6.7 million. As of the date of these consolidated financial statements, the Company is unable to estimate a loss, if any, the Company may incur related expenses to this lawsuit. The Company believes CW II’s demand was without merit and plans to vigorously defend its position.
I think every promising company is haunted by people who think they deserve a piece of the pie for various reasons ?!
Greetings from Holland and GLTA
...
Then just give me $ 3 for my 12.000 pre merger = $36.000
That is a lot more than I get for all my current shares now...
So that's how they calculated the 6 million
100 million pre-merger shares x $ 0.60
I'll be checking: http://www.gtec-goldenparachute.com/ regularly
I (almost) wish I had never put money in this stock. Either way it is not going to give us what we hoped for/counted on....
Well at least it is less than the previous 13 million. Totals up to 6 + 13 = 19 million.
GNPH could pay in cash....
You got that right...
Carl, you had foresight I guess?
WTF ?!
October 9, 2008 - 4:05 PM EDT
China West II Files $6 Million Arbitration Against Genesis
MIAMI, Oct. 9 /PRNewswire/ -- China West II has filed an arbitration for $6 million USD against Genesis Pharmaceuticals (OTC Bulletin Board: GNPH) for its breach of contract and failure to distribute stock in China Wind Systems, Inc. (OTC Bulletin Board: CWSI) 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 (OTC Bulletin Board: GNPH), 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.
SOURCE China West II
Source: PR Newswire (October 9, 2008 - 4:05 PM EDT)
News by QuoteMedia
Carl, let me start with one item of the things you have asked Long. I hope you (and Long) don't mind. I feel obliged to answer because I have made some of the very wishful comparisons you hint on....(I think you mean the tables I have posted in the last months ?)
PE:
AOB has a PE (Oct 8) of 7.7
(check the link http://finance.yahoo.com/q?s=AOB)
The current low valuation is due to the current malaise in the stock market I think. A year back pps was $ 14, earnings were $0.65, that made a PE of 21~22. (By the weay: there still is a target out of $14 for the pps). I think we can assume that a PE of 20 is not unreasonable:
1. if we get uplisted
2. if sock markets general conditions improve
There is a new filing out, let's check it out:
http://www.pinksheetstock.com/edgar/GetFilingPdf?FilingID=6184571
It's about the shares Pope, Ardsley and others have in their possession now ?
It's a shame we don't know what it all means or how it works ...
M A R K E T M A K E R M A N I P U L A T I O N
I don't believe these (from today's book) are normal trades:
6.0505 100 OBB 15:51:56
6.0505 100 OBB 15:51:56
6.00 100 OBB 15:51:56
6.00 100 OBB 15:51:56
8.00 300 OBB 15:51:51
6.0505 300 OBB 15:48:53
6.05 300 OBB 15:48:53
Genesis is slowly but steadily being picked up on other websites:
http://www.istockanalyst.com/article/viewarticle+articleid_2668094.html
Genesis Pharma Books 31% Higher Revenues in 2008
By: China Bio Today Wednesday, October 01, 2008 2:04 PM
Genesis Pharmaceuticals Enterprises (OTCBB: GNPH) released its 2008 full-year (ended June 30) financial report, showing that the company continues to do well. In 2008, revenues for the company climbed 31% to $99.5 million, though net income was up a miniscule 2% at $22.5 million. The net income works out to $1.84 per share, fully diluted.
The culprit for the relative shortfall in profit seems to have been Selling, General & Administrative costs, which rose 63% or $16 million in the year to $41.6 million. In 2008, SG&A constituted 42% of revenues, as opposed to just 34% in 2007. The rise in SG&A was partially offset by a decline in R&D spending, which fell to $3 million in 2008 from $11 million last year.
Looking ahead to 2009, Genesis expects to achieve revenues between $122 and $130 million during its next fiscal year, while operating income will be in a range between $40 and $43 million. The company’s 2008 operating income was $32.2 million.
During the past 12 months, the company completed a private placement of $35 million worth of convertible notes, and it received SFDA approval for Baobaole chewable tablets, a TCM for gastric distress. In September, after its fiscal year ended, the company effected a 40-to-1 reverse split of its stock. At the time of the reverse split, Genesis was worth $5 per share, post-split. Its price wandered lower following the split, but has now recovered. After the earnings announcement, Genesis moved up $.75 to $7.75, for a Price/Earnings ratio of just over 4.
Genesis ended its fiscal year with $48 million in cash and working capital of $73 million. Cash flow from operating activities in 2008 was $17.1 million.
In July, Genesis received SFDA approval to being producing Radix Isatidis Dispersible Tablets, a TCM for viral influenza. Sales in China will begin in October. The company is awaiting word from the SFDA on approval for three additional products.
The following is a description of Genesis’ principal products:
Clarithromycin sustained-release tablets -- semi-synthetic antibiotics. Genesis’ China subsidiary is one of only two domestic producers of this drug. It produced $46.4 million in revenues, approximately 50% of the China market share.
Itopride Hydrochloride granules – treats digestive system diseases. It produces $35.5 million in revenues. Genesis’ subsidiary has approximately 10-12% of the China market share.
Ciprofloxacin Hydrochloride tablets – an antibiotic. Produced $2.5 million in revenue last year but now being phased out. For a short period of time, Genesis’s subsidiary found itself as the only company in China with significant supplies of the raw material and produced the drug. Now that the shortage has evaporated, it no longer represents a market opportunity.
Paracetamol tablets -- a nonprescription analgesic used for treating fever due to common flu or influenza. Produced $500,000 in revenue in fiscal 2008. Will be phased out because revenues have declined in recent years.
Brean Murray gives $13 dollar as a goal for PPS and now they appear in level II book at the ask with $15.
Would be nice/smart of GNPH if they made a sort of summary and made a PR out of it? I guess most investors have the same questions that have been answered in the CC
I think they mean it was a concern. But now it is not anymore because they raised about 35 million.
bigplay777: thanks for sharing the info!
Let's hope so! And let's hope GNPH makes a better impression than last time. I can remember that conference wasn't too impressive...
Questions for the Conference Call.
I myself won't be attending the CC for obvious reasons (my english isn't good enough), I can write so that everyone understands but to speak it is not my cup of tea. Maybe someone on this board is going to attend and would like to ask some questions.
Here are a couple I think would be interesting:
- how about the arbitration by CRGP?
- how about the dividend? GNPH still holds shares of LTUS and GHII !
- what are the next steps to complete proces to uplist? timepath ? NASDAQ ?
- new drugs are expected, can GNPH be more specific than FY 2009?
- how to attract new (major) investors?
- when can we expect the website to be up and running again?
- how many shares are held by Pope, how many have they sold?
- what is done to get the info on the various internet sites updated (Yahoo, Moneycentral etc etc etc)
- any comments on the pps during the last few months?
Probably forgot a lot of other things that would be worth while knowing...
Succes everyone who will be attending! I'll be reading this board to know what has been discussed in the conference call.
Let's concentrate on the positives:
Press Release Source: Genesis Pharmaceuticals Enterprises, Inc.
Genesis Pharmaceuticals Reports Results for its Fourth Quarter and Fiscal Year 2008
Tuesday September 30, 7:55 pm ET
LAIYANG, China, Sept. 30 /Xinhua-PRNewswire-FirstCall/ -- Genesis Pharmaceuticals Enterprises, Inc. (OTC Bulletin Board: GNPH - News; "Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced its financial results for its fourth quarter and fiscal year ended June 30, 2008. A 10-K Form was filed for the year with the U.S. Securities Exchange Commission that is available through the Company's website and from the SEC.
Fourth Quarter FY 2008 Highlights
-- Revenue was $28.3 million, up 39.0% from the corresponding quarter in 2007
-- Gross profit was $23.5 million, up 57.7% from the corresponding quarter in 2007, and gross margin was 83.2%, compared to 73.3% in the corresponding quarter in 2007
-- Operating income was $10.1 million, up 42.2% from the corresponding quarter in 2007
-- Net income was $9.6 million, compared to $14.6 million in the corresponding quarter in 2007
Fiscal Year 2008 Highlights:
-- Revenue was $99.5 million, up 30.6% from the year ended June 30, 2007
-- Gross profit was $77.0 million, up 40.0% from the year ended June 30, 2007, and gross margin was 77.4%, compared to 72.2% in the year ended June 30, 2007
-- Operating income was $32.2 million, up 75.9% from the year ended June 30, 2007
-- Net income was $22.5 million, up 1.8% from the year ended June 30, 2007, with earnings of $1.84 per diluted share
-- Completed private placements for a total of $35 million of convertible notes and 2,275,000 warrants
-- Began manufacturing and distributing Baobaole chewable tablets, a Traditional Chinese Medicine
"Genesis had a strong fourth quarter and spent this past year establishing its financial performance, putting a growth strategy into place, and expanding its marketing and sales efforts. Our product line was strengthened by the introduction of Baobaole chewable tablets, a new over the counter drug which is sold directly to pharmacies and has a high profit margin," said Mr. Wubo Cao, Chairman and CEO of Genesis Pharmaceuticals Enterprises, Inc. "We plan to build on the solid performance that we were able to achieve in fiscal year 2008."
Fourth Quarter of Fiscal Year 2008 Results
Total revenue in the fourth quarter ended June 30, 2008 was $28.3 million, up 39.0% from $20.4 million in the prior year's corresponding period. This increase in revenue was due to sales of the Company's new Baobaole chewable tablets (which were not available for sale in the prior year's corresponding period), along with sustained sales of the Company's most popular products, Clarithromycin sustained-release tablets and Itopride Hydrochloride Granules.
Gross profit in the fourth quarter ended June 30, 2008 was $23.5 million, an increase of 57.7% from $14.9 million in the prior year's corresponding period. Gross margin was 83.2%, compared to 73.3% in the prior year's corresponding period. This increase in gross profit was due to rapidly growing sales of Baobaole chewable tablets.
Selling, general and administrative expenses in the fourth quarter ended June 30, 2008 were $12.3 million, up 73.9% from $7.1 million in the prior year's corresponding period. Higher expenses in 2008 were principally because of higher commission expenses paid to sales personnel, higher advertising, marketing and promotion spending and salaries, wages and related benefits expenses, and expenses related to being a public company.
Operating income in the fourth quarter ended June 30, 2008 was $10.1 million, with an operating margin of 35.8%, a 42.2% increase from $7.1 million in the prior year's corresponding period.
Net income for the quarter ended June 30, 2008 was $9.6 million, compared to $14.6 million in the prior year's period. Net income decreased because non- operating income declined to $1.4 million in the quarter ended June 30, 2008 from $6.6 million in the prior year's corresponding period. Part of this decrease was due to a decrease in a tax exemption that declined to $5.3 million in the fourth quarter of fiscal year 2008 from $9.9 million in the prior year's corresponding quarter. Also, a non-cash debt amortization expense of approximately $2.5 million took place in the fourth quarter of 2008, for which there was no similar expense the prior year's corresponding quarter.
Full Fiscal Year Operating Highlights
Total revenue for fiscal year 2008 was $99.5 million, up 30.6% from $76.2 million in the twelve month period ended June 30, 2007. Gross profit was $77.0 million, up 40.0% from $55.0 million in the twelve month period ended June 30, 2007. Gross margin was 77.4%, up from 72.2% in the twelve month period ended June 30, 2007. Operating income totaled $32.2 million, a 75.9% increase from $18.3 million in the twelve month period ended June 30, 2007. The Company's operating margin was 32.4%, up from 24.0% in the prior year's period. Net income for fiscal year 2008 was $22.5 million, with net margin of 22.6%, a 1.8% increase from $22.1 million, with net margin of 28.9% in the twelve month period ended June 30, 2007. Net margin decreased primarily because of higher selling, general and administrative expenses as a percentage of sales and no longer having a significant tax exemption received in 2007. After giving effect to a one for forty reverse split, net income was $2.45 per basic share and $1.84 per fully diluted share in fiscal year 2008, compared to $2.94 per basic and fully diluted share in the twelve month period ended June 30, 2007.
Adjusting for a recent one for forty reverse split for its shares, there were 10,327,844 outstanding shares of common stock as of June 30, 2008. Of those shares, 560,000 shares are not considered issued and outstanding for earnings per share calculations as of at June 30, 2008 because the issuance of those shares is contingent on the occurrence of certain future events.
Financial Condition
As of June 30, 2008, the Company had $48.2 million in cash and an additional $7.8 million in restricted cash. Working capital was $73.2 million, up from $16.0 million as of June 30, 2007. This increase was primarily due to an increase in cash, investments and accounts receivable as well as decreases in short term bank loans and dividends payable. Current liabilities were $16.4 million and long-term debt consisted of $2.5 million in convertible debt. Shareholder's equity was $95.5 million. Future contractual obligations in fiscal 2009 include $8.6 million in bank indebtedness and $4.4 million in research and development contractual agreements. The Company generated $17.1 million in cash flow from operating activities in fiscal 2008. The Company invested $8.9 million in intangible assets consisting mostly of land use rights and the rights to develop, manufacture and distribute new drugs.
Recent Events
In June 2008, the Board of Directors appointed a new independent board member. The Board of Directors also established an independent Audit Committee and a Compensation Committee.
In July 2008, the Company received approval from the Chinese State Food and Drug Administration ("SFDA") to start producing and distributing Radix Isatidis Dispersible Tablets, an herbal-based traditional Chinese medicine used for viral influenza. Sales in China will begin in October.
Business Outlook and Guidance
"We are pleased to report that we recently added a new over the counter drug, Radix Isatidis Dispersible Tablets, to our product line. We began selling significant amounts of Radix Isatidis Dispersible Tablets immediately after we received our final approvals from the SFDA. We have three other drugs waiting for approval from the SFDA which we hope will be approved in fiscal year 2009 and will find similar market success. We expect sales of our current popular products to continue growing because of increased branding and greater marketing efforts," said Mr. Cao. "Throughout this last year we took a number of steps to improve our corporate governance. This included adding an independent member to our Board, adopting a code of business conduct and ethics, and establishing an audit committee and a compensation committee. These steps are a part of preparing the Company for its applying to have its shares listed on a senior securities exchange."
"Because of our strong financial performance throughout fiscal 2008 and our expectations of expanding our product line and increasing sales throughout the upcoming year, as guidance, we expect revenue for fiscal 2009 to be from $122 to $130 million, and operating income to be from $40 to $43 million. These guidance numbers are subject to change, and are based on our ability to grow our business in the future in the same way as we have in the past," concluded Mr. Cao.
Conference Call
Genesis Pharmaceuticals Enterprises, Inc. management will host a conference call at 9:00 a.m. Eastern on Wednesday, October 1, 2008 to discuss financial results for the fiscal year ended June 30, 2008. The conference call will include Mr. Wubo Cao, Chairman and Ms. Elsa Sung, CFO. To participate in this live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (888) 419-5570. International callers should call (617) 896-9871. The Conference Passcode is 375 022 62. If you are unable to participate in the call at that time, replay of the conference call will be available from Wednesday, October 1 at 11:00 a.m. Eastern until Wednesday, October 15. To access the replay, call (888) 286-8010. International callers should call (617) 801-6888. The Conference Passcode is 31221366.
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 pharmaceutical company in China producing 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 ability to introduce, manufacture and distribute new drugs. Actual results may differ materially from 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.
- Financial Statements Follow -
Read the rest here:
http://biz.yahoo.com/prnews/080930/nytu137.html?.v=101
WTF is this:
http://biz.yahoo.com/iw/080930/0438886.html
Begin Quote
CRGP Seeks $13 Million Arbitration Against GTEC
Tuesday September 30, 4:05 pm ET
Capital Research Group Measures Potential Shareholder Claim
MIAMI, FL--(MARKET WIRE)--Sep 30, 2008 -- Capital Research Group Partners, Inc. and Capital Research Group, Inc. (CRG&P) have filed a $13 Million arbitration case against Genesis Pharmaceuticals (OTC BB:GNPH.OB - News), formerly Genesis Technology Group or GTEC. Genesis Technology is currently a wholly owned subsidiary of Genesis Pharmaceuticals (OTC BB:GNPH.OB - News), now operating as Genesis Holdings.
ADVERTISEMENT
Since 2003, CRG&P, through a myriad of successive contracts, acted as a premier consultant to GTEC or Genesis. CRG&P, through its significant associations, expertise and reputation, was the driving force behind the emergence of GTEC, from a small unknown start-up, to a profitable and noteworthy operation that became an admirable acquisition target by a Chinese pharmaceutical giant.
The arbitration suit alleges GTEC violated the 10% share issuance and registration clause of the standard consulting agreement by issuing and registering over 300 million additional shares, and not compensating CRG&P under this and other agreements ultimately diluting CRGP's position by almost 500%. Since October 4, 2007 GTEC has authorized an additional 800 million shares.
The $13 Million arbitration has a hearing date set for December 1, 2008.
Peter Antipatis, CRGP Director, observed: "Genesis has crossed the line by not honoring our contract, which former CEO Gary Wolfson, now GTEC Holdings CEO, sought out time and time again over the course of 5 years. CRG&P fostered GTEC's business model, advised GTEC on several capital campaigns that garnered several million dollars for GTEC. We created both a marketing curriculum and a quality investor relation program that increased the market cap 800% on several campaigns."
Antipatis further said, "We forged a new business model for GTEC by helping their client companies reach public company status. Such examples are Lotus, Gold Horse and China Wind Systems. We know that the benefits to Genesis shareholders should be a dramatic increase in shareholder valuation and this dilution and refusal to honor our contracts is contributing to the contrary."
"We made several trips to China, visiting GTEC companies, lobbying potential and current clients, as GTEC's largest shareholders, as well as corporate directors, to help the company survive during its darkest hour. GTEC was able to gain contracts through the Capital Research reputation and rich legacy to obtain sustainable profitability and in turn consummate the merger with the Chinese Pharmaceutical Company. GTEC officers did extremely well, but the shareholders, and CRG&P included, continue to suffer," said Mr. Antipatis.
Furthermore, in addition to the arbitration case, Capital Research Group will hold a shareholder caucus, via teleconference on October 15, 2008 at 12 pm EDT. The purpose of this teleconference and online gathering will be to discuss the prospect of potential shareholder litigation against Genesis Pharmaceutical Enterprise, GTEC Current and Past Directors and GTEC Holdings. Agenda items will include, but will not be limited to, the following:
1. Current and past corporate officers may have engaged in schemes to
divert cash and assets from GTEC and conceal self-dealings from fellow
Director's and GTEC public shareholders.
2. Activity of current and past officers may have been reckless and
possibly did not fulfill their fiduciary obligations. Officers may have
engaged in a covert defalcation of corporate funds.
3. GTEC possibly failed to disclose or publicize the failure or loss of
corporate contracts and potentially failed to disclose in the
Management's Discussion and Analysis ("MD&A").
4. GTEC officers may have acted recklessly by creating a series of shadow
companies that would operate as GTEC in China such as Genesis Equity
Partners Capital Group, Pacific Rim Consultants Inc. and Shaohua Tan and
Partners, Inc.
5. Officers may have self-dealt contracts for their own personal benefit
through shadow companies with identical or similar names to GTEC, and or
subsidiaries such as Genesis China and Genesis Equity Partners LLC
(GEP).
6. GTEC officers, through self-dealing, may have violated their fiduciary
obligations and may have been reckless by commandeering the following
contracts which together are in value over $20 million. Huyang Electric
Co. LTD (GREEN POWER) now China Wind Systems, Western China Energy
Company (ZHONGDA), Sino Steel (SITE), and Lizzie Gardens (LG).
7. Moreover, in October 2007, Genesis Chairman and CEO Gary Wolfson wrote a
letter to shareowners of GTEC in which he may have misled the investing
public about his intentions and role with Genesis Pharmaceuticals, GTEC
Holdings, corporate dividends, and contracts.
8. Officer may have breached their fiduciary duty to shareowners and the
GTEC Board of Directors by failing to disclose conflicts of interest.
The teleconference will be a forum to determine potential indemnity, discuss shareholders' rights and other items and behaviors of interest that will be determined from the arbitration discovery process. If you would like to participate on the conference call, please send an email to GenesisLawSuit@Gmail.com. In the email, please include your full name, address and the phone number you will be calling in from. Only these numbers will be permitted to join the call. If you have a mechanism that blocks caller ID, please disable it or utilize a different number.
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:
Contact:
Capital Research Group Partners, Inc.
Peter Antipatis
Email Contact
973-332-1366
End Quote
Thanks guys for the new revival of this board/discussion. Now I am learning stuff again!
I am curious what will be the outcome of tomorrow's conference call. The Outlook for fiscal year 2009 should be very interesting.
I remember reading somwhere that at the latest in Oct. 2008 there would be news on the dividend for pre merger shareholders. I haven't been able to find where it was written so far... I see you have been able Carl?
What a turmoil in the financial world...no 700 billion to buy bad mortgages...
This will do us no good on the short term. It is good GNPH doesn't need extra money now!
Conference call, Oct 1st 2008: http://biz.yahoo.com/prnews/080929/lnm503.html?.v=1
LAIYANG, China, Sept. 29 /Xinhua-PRNewswire-FirstCall/ -- Genesis Pharmaceuticals Enterprises, Inc. (OTC Bulletin Board: GNPH - News; "Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced that the Company will host a conference call at 9:00 a.m. Eastern on Wednesday, October 1, 2008 to discuss financial results for its fourth quarter and fiscal year ended June 30, 2008.
ADVERTISEMENT
Conference Call
Genesis Pharmaceuticals management will host a conference call at 9:00 a.m. Eastern on Wednesday, October 1, 2008 to discuss financial results for its fourth quarter and fiscal year 2008 ended June 30, 2008. The conference call will include Mr. Wubo Cao, Chairman and CEO, and Ms. Elsa Sung, CFO. To participate in this live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (888) 419-5570. International callers should call (617) 896-9871. The Conference Passcode is 375 022 62. If you are unable to participate in the call at that time, replay of the conference call will be available from Wednesday, October 1 at 11:00 a.m. Eastern until Wednesday, October 15. To access the replay, call (888) 286-8010. International callers should call (617) 801-6888. The Conference Passcode is 31221366.
About Genesis Pharmaceuticals Enterprises
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. The Company maintains a representative office in the U.S.
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 ability to introduce, manufacture and distribute new drugs. Actual results may differ materially from 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
Phone: (561) 988-9880
E-mail: genesispharm@gmail.com
http://www.genesis-china.net
CCG Investor Relations, Inc.
Mr. Crocker Coulson, President
Phone: (646) 213-1915
E-mail: crocker.coulson@ccgir.com
http://www.ccgir.com
To get the spirit up for the big week ahead:
How about it? Offcourse we will not see these pps's when GNPH doesn't uplist. But hey, the uplisting is almost a fact
A little offtopic: they should hire us 4 to assist them in getting things straightened out and keeping an eye on their interests I'll accept a paycheck in shares, wouldn't you guys?
Must mean something positive that they are updating the website. Maybe it is to present their timeline for the uplisting...
I can wait another four days... easily.
Hello Carl, welcome back, I hope you are well. It is still not too late to buy in. Past weeks have changed your mind on GNPH? Or still waiting to get confirmation we are not involved in a big dilution program?
I myself think the odds have improved since you have left this board...but then I am still a shareholder.
Wow, I am surprised with the volume we saw today. Promising week ahead I guess. I am very curious what will happen in the next weeks. We've got great things ahead:
- uplisting
- numbers on FY 2008
- outlook for 2009
- new drugs
- news on dividend
(on random order these are...)
So your conclusion is?
Yes Pope has shares, yes it is possible they have sold the majority already?
How come Ms. Sung / Mr. Coulson (pretend to) don't know ?
And again we close a 8.75 what a suprise! How come iI feel manipulation is all over, look at the trades, regularly I see two trades at exact the same time, sometimes same price sometimes a little difference.
Here are today's trades:
8.75 100 OBB 14:43:19
7.60 290 OBB 13:15:05
7.60 290 OBB 13:15:04
7.35 250 OBB 10:35:50
7.35 150 OBB 10:05:38
7.35 150 OBB 10:05:38
8.75 113 OBB 09:58:06
Hey _bbb_ if you don't get your paycheck on time to buy more while they are cheap I can always sell you some of my shares. I'm asking $ 49.99
LOL
Maybe they'll reward me with some extra shares!
Sell of or not, I know where we are going... $100 is the destination for me, maybe 2009, maybe 2010. We'll get there
That's very strange Big, even because I've checked here:
http://www.nasdaq.com/asp/holdings.asp?symbol=GOOG&symbol=GHII&symbol=LTUS&symbol=GNPH&symbol=AAPL&symbol=OPTV&symbol=DPDW&symbol=DRGP&symbol=SWVC&selected=GNPH
Well it shows how important it is for GNPH to make sure all those websites have their data right!
Did Mr. Coulson have anything else you'd like to share with us? Are they working on the improved website?