GTEC - (OTCBB:GTEC), the first US-based Trust Member of the Shanghai Technology Stock Exchange, announced today results from the Annual Meeting.
At the Genesis Technology Group, Inc. annual meeting in Boca Raton, Florida on Friday, May 30, Chief Executive Officer Gary L. Wolfson told shareholders that 2002 marked 'a year of great progress for Genesis amidst very challenging circumstances.'
Wolfson cited solid first two quarters results in the fiscal year of 2003, announced earlier in the month of May, and said that in 2002, 'by focusing on the basics, we were able to improve the competitive position in every segment of our business in China and the US.
'As we did in 2002, Genesis got stronger in the six months of 2003,'Wolfson said. 'Our management team and our exceptional employees have performed well in spite of war and pestilence. The result is that we have a strong business model that keeps us moving forward.
'In addition to signing two new clients in May, Genesis also is opening its Beijing office to complement the efforts of our Shanghai location. The new office in Beijing will allow Genesis and its clients to access top level of Chinese government officials and agencies in order to obtain favorable treatments for our clients.
'An important new project that will require the focus of both China offices is the Shanghai Feilix Energy Science &Technology Company, which is developing break-through technology of Methanol Fuel for the energy needs of the rapidly growing consumption of gasoline in China. Our business model will continue to focus on both internal expansion and external expansion. Internal expansion includes improvement of our subsidiary performance and launch of new projects. External expansion includes acquisitions and launch of new projects or joint ventures with our clients.'
In announcing results of shareholder voting, shareholders approved the election of five Genesis directors for two-year terms. Each director received 81 percent or more of the vote. 'These directors bring tremendous talent and experience to help guide the company,' said Wolfson. 'The Board of Directors will continue to grow as the company prospers and also to meet the standards of more elite trading exchanges. This board will help us build on the company's combined strength and maximize our opportunities. The strength of this board is representative of the way we are shaping this firm for growth and success in the future.'
In other voting, Genesis reported that 59 percent voted in favor of a resolution, requesting shareholder approval of management compensation to concur with the current formula set in the current employment agreements.
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