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Genesis Technology Group's First Quarter 2006 "Shows Significant Improvement" and Reaches Breakeven Status and Profitability Forecast
Wednesday February 22, 6:30 am ET
BOCA RATON, Fla., Feb. 22, 2006 (PRIMEZONE) -- Genesis Technology Group, Inc. (OTC BB:GTEC.OB - News), a business development and marketing firm that specializes in procuring opportunities in China, released its 10-QSB for the first quarter 2006. The results, in the view of management, have positioned the Company to reach profitability and positive cash flow in the next quarter.
CFO Adam Wasserman reported: ``The financial condition of the Company, from the first quarter 2005 to the first quarter 2006, shows significant improvement. For the three months ended December 31, 2005, we reported a net loss of $223,123 or $(0.00) per common shares compared to a net loss of $1,144,716 or $(0.02) per common share for the three months ended December 31, 2004, a decrease of $921,593. For the three months ended December 31, 2005, our total operating expenses decreased by $894,749 compared to the three months ended December 31, 2004.
``This progress positions Genesis to reach profitability with its GEP profit center and other business development contracts showing good promise. In addition, the Company's stock holdings in SunWin (OTC BB:SUWN.OB - News), Dragon Capital (Pink Sheets:DRGV), and other publicly trading companies have shown positive trends that could move Genesis to profitability and positive cash flow in the 2nd quarter 2006,'' concluded Mr. Wasserman.
Kenneth Clinton, Company President, who will be departing for China to meet with the previously announced (10-KSB 2005) merger candidate: ``We have conducted three productive in-person meetings with our potential merger partner-in Gansu Province in China, in San Francisco and at our Florida headquarters-and we are confident that the March meetings in China could prove conclusive.''