Hartcourt Companies (fka HRCT)

[CABRALEES]

OT: Another China play in the news......

GTEC GENESIS TECHNOLOGY GROUP INC

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Genesis Technology Group Forms New China Joint Venture With CIIC Investment Corporation Limited; Top 10 of China's Foreign Economic-Related Firms

WEDNESDAY, NOVEMBER 05, 2003 07:00 AM

BOCA RATON, Fla., Nov 5, 2003 (BUSINESS WIRE) -- Genesis Technology Group, Inc. (OTCBB:GTEC), the first US-based Trust Member of the Shanghai Technology Stock Exchange, announced that it has entered an agreement to form a new joint venture with CIIC Investment Corporation Limited, a wholly owned subsidiary of China International Intellectech Corporation (CIIC), a leading state-owned enterprise that has been funded solely by the State Council. Two private US capital firms have joined the joint venture as partners. The joint venture will be named CIIC Investment Banking Advisor Company, Limited. It will be operated by staff from both CIIC and GTEC offices in Shanghai. GTEC will own 10% of this joint venture.

This new venture will provide investment banking services, asset management, capital raising via private placement or public market, and help Chinese companies penetrate the US markets, as well as help state-owned companies undergo management buyout program. Genesis will oversee operations in North America and work with CIIC from the firm's new Shanghai facility.

Genesis President Dr. James Wang, who is traveling in China, said: "CIIC is an outstanding Chinese international company that is very admired by the business community in China. Their commitment to Genesis and the US is another example of the tremendous potential in China and US commerce. We will assist the Chinese companies in going public. The companies that we will be enlisting are all long-standing profitable firms that have new and advanced technology or with proprietary, service related product lines. This joint venture will also provide GTEC a platform to evaluate Chinese companies to acquire. One of main focuses of our expansion strategy will be to acquire more Chinese companies and grow them to the next level."

Professor Tingting Shan, Executive Vice President of CIIC Investment Corporation, Limited, said: "I am extremely pleased to enter this agreement with GTEC to launch this joint venture. In the past several days, we have already signed up one client who wishes to go public in the US and are negotiating with several companies to enter the US public market. I believe this joint venture will be a pioneer in the Sino-US investment banking industry for small to mid-size Chinese private companies."

About Genesis Technology Group, Inc.

Genesis Technology Group is a business development firm that fosters bilateral commerce between companies in the United States and Europe with those in China. Genesis has created successful profit centers in product development, manufacturing, distribution, joint ventures and operational services. Genesis has established effective working relationships with various governmental agencies, public institutions, and private industries in China at both national and provincial levels. For more information, visit http://www.genesis-technology.net .

About China International Intellectech Corporation

China International Intellectech Corporation (CIIC) was founded in 1987. Under the direct administration of the state council, it is a leading state owned enterprise featuring unique operations in techno intellectual service trade. Funded solely by the State Planning Council, Beijing based CIIC is guaranteed by the Bank of China. Since 1994, it had been among the top ten of the country's 955 foreign economic related companies. CIIC's primary business is to provide various services to foreign enterprises. CIIC conducts international placement services for 3,300 companies in 76 countries and regions. It had annual revenues over $400 million last year. For more information, visit http://www.ciic.com.cn/

This announcement contains forward-looking statements that 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 & Exchange Commission.

SOURCE: Genesis Technology Group, Inc.



CONTACT: Genesis Technology Group, Inc., Boca Raton
Kenneth Clinton, 561/988-9880, ext. 302
[e-mail]

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KEYWORD: FLORIDA CHINA INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: BANKING
MANUFACTURING
SOFTWARE
NETWORKING
MARKETING
AGREEMENTS


STOCK SYMBOLS: [(gtec)]







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