GTEC - Revenues Continue to See Substantial Increase
BOCA RATON, FL -- (MARKET WIRE) -- 05/22/2003 -- Genesis Technology Group, Inc. (OTC BB: GTEC), the first US-based Trust Member of the Shanghai Technology Stock Exchange, announced today its financial results for the three-month and six-month periods ending March 31, 2003.
Revenues from continuing operations for the three months ending March 31, 2003 were $5,881,487, compared to $3,140,343 in revenues for the three months ending March 31, 2002, an increase of 87%. The Company reported net loss from continuing operations of $0.01 per share on the basis of weighted average outstanding shares, compared to a net income of $50,612, for the three months ending March 31, 2002.
For the current six-month reporting period, Genesis achieved $11,158,157 in revenue from continuing operations, compared to $5,403,616 in revenues for the comparable six-month period in 2002, a gain of 106%. Net loss from continuing operations for the six months ending March 31, 2003 was $723,684 or $0.02 per share, compared to a net income of $277,895, or $0.01 per share, reported for six months ending March 31, 2002. The increase in sales mainly results from the increasing demand for computer hardware in China. The net income is negative impacted by expensing options exercised by consultants, management and employees.
Gary Wolfson, CEO at Genesis, commented, "We are pleased with substantial growth in our top line. Management believes its time-tested business model, that requires initial investment and long-term reliance on Genesis, will deliver substantial bottom line to the company. The Company has utilized a successful means of developing Western clients for purposes of technology transfer and investment in China. We abide by an RCD development formula and an RSE fee formula. The former enables the Company to recruit prospective clients (R), close on those that are deemed good candidates for business in China (C), and deliver enforceable, profitable contracts (D). The secondary function, as it rewards Genesis, manifests in client contracts, which require a retainer (R), success fee (S), and often an equity position (E) in any resultant Sino-Western entity."
In addition, Genesis announced today that Gary Wolfson will be interviewed by Mike Norman with MarketshareReporter, a marketing and media informational company. Gary Wolfson will update some company developments and offer insight into the company business model and future direction. While the SARS crisis has brought challenges, it may also bring business opportunities. The Chinese call this "wei drong ji" or "opportunity in the midst of crisis." Mr. Wolfson will introduce how Genesis can help one contract client develop potential treatment of SARS in China.
The interview will be produced by VoiceAmerica, a leader in Internet-based talk radio. Norman is a veteran trader and publisher of the Economic Contrarian Update www.contrarian-update.com.
The program will be available on www.marketsharereporter.com and also available under the Archived Interview Section. The show will be a live broadcast on VoiceAmerica from 12pm-1pm ET, then re-aired again from 5pm-6pm. Listeners can listen and participate on this show via 1-888-335-5204 and may also listen to the live show on www.voiceamerica.com. There will be a link to the show available the next day on www.marketsharereporter.com.
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