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GTEC - BOCA RATON, Fla., May 30, 2003 (BUSINESS WIRE) --
Genesis Technology Group, Inc. (OTCBB:GTEC) announced today the signing of contracts with two Florida companies. Each is privately owned and operated with decades of experience and innovation. In addition, GTEC held its China Round Tables in California attended by 48 companies interested in exploring or expanding business opportunities in China. The new contract clients include:
Forseti Biosciences, Inc., founded December 2000, is dedicated to help cancer patients reap the benefits of the human genome sequencing efforts using a technology Dr. Ramaswamy Narayanan, President and Founder calls a 'mouse to mice paradigm'. The initial focus of the company will be on major solid tumors for which there is a clear need for effective diagnosis and treatment. Forseti will identify genes that are present in the cancers of breast, colon, lung, ovary, pancreas and prostate and will aim to develop early detection systems. From its Florida laboratory, Forseti will also establish a drug discovery rationale from the targets identified and through strategic alliances will co-develop therapeutic drugs for these cancers. (For additional information, refer to http://www.forsetibiosciences.com)
Commented Manuel A. Richter, Genesis German Director, who negotiated the contract with Forseti: 'We have an initial assignment to source financial partners for Forseti. Our European Union location was deemed ideal, as not only are the biosciences strongly supported by the investment community, but we have also been engaged by an established Swiss fund to source such opportunities as Forseti. The approval, transfer and commercialization of these drugs in China will commence simultaneously to our EU initiative.
'I returned from the Genesis Shanghai headquarters just today,' Mr. Richter reported from Munich, 'and we have designed a focused program with the Shanghai Technology Stock Exchange to gain approval from the Ministry of Health, then proceed with the commercialization of the Forseti product line in an alliance with major Chinese pharmaceutical companies. With one lead anti-cancer drug already developed for pancreatic, colon and prostate cancer treatment, Forseti is positioned to become a leader in biosciences globally.'
Frank Mechanical Systems, Inc. ('FMS'), parent company of Fluid Medical Systems, Inc., is a leader in the manufacture and distribution of fluidics technology. At the heart of all FMS delivery systems is the Fluidic Control Modules. A patented product of aerospace technology, which FMS has designed and produced for numerous applications, the instruments are proven and tested for unexcelled endurance and longevity. (For more information, refer to http://www.fluid.power.net)
'We have considered the most effective means of entering the Chinese market,'explained CEO William Frank, 'and we are convinced that Genesis provides the best opportunity. We intend to take advantage of the Genesis DBA China program and conduct videoconferences in the coming weeks. For FMS, we are interested in both manufacturing and distributing devices in China, plus exporting products for sales globally.'
Genesis CEO Gary Wolfson summarized: 'We have signed 21 new clients since Summer 2002, and the array of technologies is impressive. In our building a strong client base, we have used monthly China round tables effectively. In late April, our California office recruited 48 companies with varying interests and commitments to China. From those we can expect a significant number of new clients and technologies. For those not able to travel to China near term, we have successfully launched our 'DBA China Program'that utilizes the newest advances in video conferencing with expert personal representation from our Shanghai office.'