GTEC - Press ReleaseSource: Genesis Technology Group, Inc.
Genesis Technology Group Launches "DBA China"
Wednesday April 23, 7:00 am ET
Program to Address Travel Safety and Health Concerns
BOCA RATON, FL--(INTERNET WIRE)--Apr 23, 2003 -- Genesis Technology Group, Inc. (OTC BB: GTEC ) announced today that it was formally launching a parallel business strategy to be known as "Doing Business Abroad, China" or simply "DBA China." This program, weeks in development to address current travel safety and health concerns, is directed at current and future clients planning initiatives in China.
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Kenneth Clinton, Executive Vice President of Business Development, explained, "We must be sensitive to the possible hesitancy that Westerners may feel in traveling abroad with uncertain world conditions, now exacerbated by the severe acute respiratory syndrome, or SARS, outbreak.
"In no way are we altering our successful business model that encourages Western companies to travel to China to witness, first hand, the explosive growth of the economy and unbridled enthusiasm of the Chinese people, but, while SARS captures the headline, we are impelled to devise a parallel strategy: DBA China.
"This is a very detailed program that will enable clients to assign Genesis the entire task of achieving success in China, without their leaving home. Here is how the program works:
1. Contract clients engage Genesis to complete specific goals in China from manufacturing to technology transfers to joint venture creation to sourcing Chinese products, the whole array of Genesis services. Costs will be precise and under the structure currently designed for all Genesis clients; only the expense of international travel will be eliminated.
2. Genesis then names a project manager from our U.S. offices and a project manager from our Shanghai office expressly selected to advance those designated goals. The Western-based manager then travels to the place of business of the client whether in North America or Europe for in-depth training and orientation over a period of days. Simultaneously, the Shanghai-based manager will be screening candidates as partners, distributors or manufacturers based on an explicit profile designed by the client. Governmental and Shanghai Technology Stock Exchange officials also will be lined up to secure whatever approvals and backing may be required.
3. The client will always have ready access to the bilingual Chinese- and U.S.-based project managers to discuss developments, progress or problems. Designated telephone and email contact information will be provided so that the client can conveniently contact either manager in both time zones.
4. Video- and teleconferencing will commence after candidates are reviewed and selected by the Genesis team and the contract client. In-depth discussions will cover all opportunities and issues. Genesis may have a Chinese attorney and GAP-trained accountant present to answer any legal and accounting questions. Similar conferences may be arranged with STSE to discuss the prospect of funding, auctioning of patented technologies, or taking a future Sino-Western entity public.
5. Documents will be formulated and exchanged. Upon completion of negotiations, Genesis will nominate an in-China permanent project manager to report to the client on a frequent basis; this representative will be an employee of the Western client. Most transactions and activities can be Web-based and monitored off site. The client may keep travel activities to a minimum.
"Frankly, we see this DBA China program as a stop-gap measure to ward off the temporary concerns of traveling abroad. There is no substitute for being there, and we are confident that areas of comfort and safety will return to normal levels in the not-too-distant future.
"Genesis has never been more confident about the future of doing business in China. The growth continues to amaze the world, and with the accession to WTO and prospects of the 2008 Beijing Olympics and the 2010 Shanghai World Expo, the eyes of the world are fixated on China," Mr. Clinton concluded.
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