Genesis Pharmaceuticals Changes Auditors
LAIYANG, China, March 11 /Xinhua-PRNewswire-FirstCall/ -- Genesis Pharmaceuticals Enterprises, Inc. (BULLETIN BOARD: GTEC) ("Genesis" or the "Company"), a pharmaceutical company with its principal operations in the People's Republic of China, announced that it changed auditors from Sherb&Co., LLP to Moore Stephens Wurth Frazer&Torbet, LLP.
The client-auditor relationship between Genesis Pharmaceuticals Enterprises, Inc. and Sherb&Co., LLP ended as of February 25, 2008 in regard to all accounting and auditing services, and all quarterly reporting up through and including February 25, 2008. All accounting and auditing services and all quarterly reports from February 25, 2008 on will be handled by Moore Stephens Wurth Frazer&Torbet, LLP. Sherb&Co., LLP, were Genesis' auditors for the fiscal years ended September 30, 2007 and September 30, 2006. There were no disagreements between Genesis Pharmaceuticals Enterprises, Inc. and Sherb&Co., LLP.
"We look forward to working with Moore Stephens and continuing to provide the investment community with timely and accurate financial information that reflects Genesis' activities," said Mr. Cao Wubo, Chairman and CEO of Genesis Pharmaceuticals Enterprises, Inc.
About Genesis Pharmaceuticals Enterprises
Genesis Pharmaceuticals Enterprises, Inc. is a U.S. public company engaged through its controlled affiliates in the research, development, production, marketing and sales of pharmaceutical products in the People's Republic of China. Its operations are located in Northeast China in an Economic Development Zone in Laiyang City, Shandong province. Genesis is a major pharmaceutical company in China producing both western and Chinese herbal- based medical drugs in tablet, capsule and granule form. The Company maintains a representative office in the U.S. For more information, refer to http://www.genesis-china.net/ .
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward- looking statements." Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to introduce, manufacture and distribute new drugs. Actual results may differ materially from predicted results, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's ability to obtain raw materials needed in manufacturing, the continuing employment of key employees, the failure risks inherent in testing any new drug, the possibility that regulatory approvals may be delayed or become unavailable, patent or licensing concerns that may include litigation, direct competition from other manufacturers and product obsolescence. 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 and Exchange Commission.
For more information, please contact:
Genesis Pharmaceuticals Enterprises, Inc.
Ms. Elsa Sung CFO
Tel: +1-877-895-3650 x701
CCG Elite Investor Relations, Inc.
Mr. Crocker Coulson, President
Tel: +1-646-213-1915 (New York)