( GTEC ) & ( MYIQ ) - RATON, Fla., Jun 17, 2003 /PRNewswire-FirstCall via COMTEX/ --
Genesis Technology Group, Inc. (OTC Bulletin Board: ( GTEC) the first US-based Trust Member of the Shanghai Technology Stock Exchange, announced the signing of contracts with two US companies: EduLink, Inc. (OTC Bulletin Board: MYIQ) and Alternate Energy Corporation (OTC Bulletin Board: ARGY).
Genesis and EduLink have agreed that Genesis will oversee EduLink's educational initiatives in China. Genesis and EduLink are in the process of constructing a master license and joint venture, which would make Genesis responsible for conducting all sublicensing activities in China, as well as providing all required support and maintenance. In return for Genesis'payment to EduLink of an advance against license fees which would be payable under the intended joint venture agreement, EduLink has agreed to refrain from entering into discussions with any other party during the next 90 days to the extent those discussions involve the implementation of EduLink's technology in China.
The subject of the agreement is the implementation of EduLink's Knowledge Sharing System in China, a system which is based on the integration of the three core foundations for digital asset and knowledge management: Storage & Retrieval, Repurposing and Distribution. The primary focus for the use of EduLink's Knowledge Sharing System is currently the K-20 education market. EduLink's suite of software was developed with the assistance of Science Applications International Corporation (SAIC), its system integrator and technology developer for over the last three years. SAIC is the nation's largest employee-owned research and engineering company.
Genesis President Dr. James Wang said, 'Our initial market research suggests a substantial demand in China for online distance education that is growing to a billions-of-dollars industry per year in China. We believe EduLink can penetrate the Chinese education market with their technology and we intend to work diligently to work out the terms of a joint venture and then move to bring EduLink's unique system into China.'
EduLink Executive Vice President Michael Rosenfeld said, 'EduLink's entry into the China markets must be carefully mapped out and executed. Genesis offers an extensive network in China. We certainly will use our best efforts to work out the details with Genesis over the next few months since we are confident that Genesis is the right company to lead us in our China initiatives.'
Genesis will assist ARGY in fundraising and conduct China initiatives for technology transfer and licensing. Alternate Energy Corporation's (AEC) patented technologies provide this increased power through reclaiming heat energy that is typically lost to the environment when producing electric power and reducing the cost. AEC technologies can enable the North American electric utility industry to produce more power without changing the industry's current level of operating costs. AEC plans to collect a percentage of the new revenues generated by these utilities.
Dr. Wang said, 'China is taking measures to promote energy conservation technologies to meet a tremendous demand for high-quality energy. China's annual consumption of coal, which accounts for 76 percent of the country's total energy resources for commercial use, is expected to triple by 2020, along with a rapid increase in the use of petroleum products.'
AEC CEO Mr. Blaine Froats stated, 'We at AEC are looking forward to a long and profitable relationship with the Genesis Technology Group, Inc.'
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