GNPH - Genesis Pharmaceuticals Enterprises
Entweder war es heute ein mm Spielchen,oder genesis hatte anfangs Shares zurückgekauft.
Ich weiss auch nicht,jetzt ist rt sogar 3,7USD.
Ist zum.....
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HOMEPAGE : http://www.genesispharmaceuticals.com
NEWS: http://www.genesispharmaceuticals.com/...fir_lineid=79&sec_lineid=490
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17.11 PR-NEWS
http://ih.advfn.com/...b=1227383039&article=29353894&symbol=NB%5EGNPH
http://ih.advfn.com/...b=1227383039&article=29355665&symbol=NB%5EGNPH
http://ih.advfn.com/...b=1227383039&article=29355746&symbol=NB%5EGNPH
20.11 Seeking Alpha
http://www.finanznachrichten.de/ext/goto.asp?id=12423537
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Kurs Handelsplätze DTL.: http://www.ariva.de/quote/simple.m?secu=101235772
Wochenverlauf_USA: 17.11.-21.11.2008
( -22% [von 4,75$ auf 4,25$] / Handelsvolumen 19,5K-Aktien )
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HOMEPAGE: http://www.genesispharmaceuticals.com
NEWS: http://www.genesispharmaceuticals.com/...fir_lineid=79&sec_lineid=490
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27.11 PR-NEWS http://ih.advfn.com/...&cb=1227948667&article=29565204&symbol=NB^GNPH
28.11 PR-NEWS http://ih.advfn.com/...&cb=1227948667&article=29586400&symbol=NB^GNPH
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Kurs Handelsplätze DTL.: http://www.ariva.de/quote/simple.m?secu=101235772
Wochenverlauf_USA: 24.11.-28.11.2008
( +12,9% [von 4,40$ auf 4,80$] / Handelsvolumen 11,2K-Aktien )
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Posted by: Long-vestor Date: Saturday, December 13, 2008 1:01:03 PM
In reply to: 996 who wrote msg# 5126 Post # of 5128
Unfortunately, during arbitration hearings the company cannot report progress of such. And or there is nothing to report until a decision has been made.
However, I spoke to the CFO yesterday who said: the first phase of the hearings has completed and "It's at mid point now" the second phase will resume next week or so.. Personally, I'm not sure how many "phases" there are. I guess 'three?'
Additionally, the CFO said: as soon as this is over things will calm down and then the company can concentrate on the up listing. I presume the goal to up-list by end of year is postponed due to the arbitration hearings. I can't be sure. Except, this nonsense is draining our resources, and the CFO's time which could other wise be spent doing the companies regular business.
I can be sure that, what the sub-way-dot-dump-on-your-face wants is the prior assets of the shareholders and the fight is in behalf of the shareholders. Contrary to what the sub scums would have some believe.
Furthermore, The CFO says; 'The Company is doing very well in China’. And differing to what some have said, there is a mandate within Pope's contracts pushing the company to excel. Moreover, as I said some time ago, Pope's minimum EPS requirement is not simply a benefit for them it's a benefit across the board for all shareholders. The CFO said; 'The requirements are causing pressure on the company to meet the goals, the plant and salesmen are being driven hard.' In these economically difficult times The business is going the extra distance to ensure continued success and it's difficult for the them as a whole.. . But goals are being met!
I can personally testify that;
The CFO is very compassionate towards us shareholders, and welcomes anybody’s call. And not all calls can be answered immediately, but your call will be returned when time permits. I left a message last Tuesday or so, and Elsa returned my call last night.
I encourage everybody to call or write to: Elsa Sung CFO, 800-867-0078 ext.703, elsa@cfooncall.com
Book-Value pS 9.25 $
Tangible Book-Value pS 8.29 $
Cash Flow pS 2.25 $
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Wochenschluss-Kurs: 3,75 USD
http://www.allstocks.com/level2quotesotcbb1.html [Symbol: GNPH (Quote)]
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HOMEPAGE: http://www.genesispharmaceuticals.com
NEWS: http://www.genesispharmaceuticals.com/...fir_lineid=79&sec_lineid=490
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Kurs Handelsplätze DTL.: http://www.ariva.de/quote/simple.m?secu=101235772
Wochenverlauf_USA: 05.01.-09.01.2009
( +5,8% [von 3,78$ auf 4,00$] / Handelsvolumen 16,5K-Aktien )
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10.5mill O/S !!!!? :-)
13.01.2009 18:08
Genesis Pharmaceuticals Appoints KPMG to Help Develop a SOX 404 Compliance Program
LAIYANG, China, Jan. 13 /PRNewswire-Asia-FirstCall/ -- Genesis Pharmaceuticals Enterprises, (News) Inc. (BULLETIN BOARD: GNPH) ("Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced that it engaged KPMG Huazhen ("KPMG"), a member firm of the KPMG network of independent member firms affiliated with KPMG International, to assist the Company in complying with the financial reporting and control requirements of Sarbanes-Oxley Act Section 404 ("SOX 404").
KPMG will work closely with Genesis' management to help prepare a SOX 404 compliance program by sharing with Genesis' management its knowledge about how other firms comply with SOX 404 requirements on an ongoing basis. As part of compliance with SOX 404, Genesis and its external auditor will examine and report on the adequacy of the Company's internal financial reporting and control systems after documenting and testing financial reporting and control procedures. Genesis' SOX 404 compliance program will address how management's decision making is linked to financial reporting risks.
"We are pleased to engage KPMG for this important undertaking, part of our efforts to ensure that Genesis is in full compliance with the requirements of SOX 404," said Mr. Wubo Cao, Chief Executive Officer of Genesis. "We hope that our efforts increase shareholders' confidence in our financial reporting standards and commitment to upgrade to a senior stock exchange."
About Genesis Pharmaceuticals Enterprises, Inc.
Genesis Pharmaceuticals Enterprises, Inc. is a U.S. public company engaged 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.
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 implementation of SOX 404. Actual results may differ materially from anticipated or 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 Phone: +1-954-727-8435 Email: elsasung@jiangbo.com Website: http://www.genesispharmaceuticals.com/ CCG Investor Relations, Inc. Mr. Crocker Coulson, President Phone: +1-646-213-1915 Email: crocker.coulson@ccgir.com Web site: http://www.ccgirasia.com/
So wie ich es sehe,ist noch keine Einzige bisher gekauft worden.
Dies müsste doch gemeldet werden,zumindest bei den Insidertransaktionen zu finden sein.
Bei yahoo und reuters find ich nichts.
Wieso ich drauf komme?
Dieses versuchte hochziehen auf 4,95USD.
Können auch mm Spielchen sein?
BEIJING, Jan. 21 (Xinhua) -- China's State Council, or Cabinet, passed a long awaited medical reform plan which promised to spend 850 billion yuan (123 billion U.S. dollars) by 2011 to provide universal medical service to the country's 1.3 billion population.
The plan was studied and passed at Wednesday's executive meeting of the State Council chaired by Premier Wen Jiabao.
Medical reform has been deliberated by authorities since 2006.
Growing public criticism of soaring medical fees, a lack of access to affordable medical services, poor doctor-patient relationship and low medical insurance coverage compelled the government to launch the new round of reforms.
According to the reform plan, authorities would take measures within three years to provide basic medical security to all Chinese in urban and rural areas, improve the quality of medical services, and make medical services more accessible and affordable for ordinary people.
The meeting decided to take the following five measures by 2011:
-- Increase the amount of rural and urban population covered by the basic medical insurance system or the new rural cooperative medical system to at least 90 percent by 2011. Each person covered by the systems would receive an annual subsidy of 120 yuan from 2010.
-- Build a basic medicine system that includes a catalogue of necessary drugs produced and distributed under government control and supervision starting from this year. All medicine included would be covered by medical insurance, and a special administration for the system would be established.
-- Improve services of grassroots medical institutions, especially hospitals at county levels, township clinics or those in remote villages, and community health centers in less developed cities.
-- Gradually provide equal public health services in both rural and urban areas in the country.
-- Launch a pilot program starting from this year to reform public hospitals in terms of their administration, operation and supervision, in order to improve the quality of their services.
Government at all levels would invest 850 billion yuan by 2011 in order to carry out the five measures according to preliminary estimates.
The meeting said the five measures aimed to provide universal basic medical service to all Chinese citizens, and pave the road for further medical reforms.
The meeting also decided to publish a draft amendment to the country's regulation on the administration on travel agencies for public debate.
It also ratified a list of experts and scholars who would receive special government allowances.
29.01.2009 20:38
Genesis Pharmaceuticals Enters Into Agreement to Purchase Hongrui Pharmaceuticals, and Acquire 22 New Traditional Chinese Medicines
LAIYANG, China, Jan. 29 /PRNewswire-Asia-FirstCall/ -- Genesis Pharmaceuticals Enterprises, (News) Inc. (BULLETIN BOARD: GNPH) ("Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced that Laiyang Jiangbo Pharmaceutical Co., Ltd. ("Laiyang"), a wholly-owned subsidiary of the Company, entered into an Assets Transfer Contract (the "Contract") with Shandong Chinese Traditional Medicine College (the "Medicine College") and Hongrui Pharmaceuticals, Ltd. ("Hongrui"), a wholly-owned subsidiary of the Medicine College, pursuant to which Laiyang will purchase the majority of the assets owned by Hongrui, including all tangible assets, including without limitation, all manufacturing and office buildings, land, equipment and inventories and all rights to manufacture and distribute Hongrui's 22 Traditional Chinese Medicines ("TCM"), for a total purchase price of RMB110 million (approximately $16.1 million) consisting of RMB66 million in cash (approximately US$9.6 million) and 643,651 shares of the Company's common stock. Because the current fair market value share price is approximately US$2.6 million; the Company has valued the transaction at approximately US$12.2 million.
The purchase will be consummated in stages following the receipt by the parties of all required regulatory approvals including the approval of the Shandong Province Food and Drug Administration ("SFDA") and the approval of the Shandong State Owned Assets Administration Department. As of January 23, 2009, this transaction has been approved by the Shandong State Owned Assets Administration Department and certain assets were transferred to Laiyang. Pursuant to the terms of the Contract, the purchase consideration will be paid to the Medicine College as follows: RMB20 million (approximately US$2.9 million) of the purchase price will be paid to the Medicine College in cash within one month of the initial transfer of assets to Laiyang (by February 23, 2009). Another RMB46 million (approximately US$6.7 million) of the purchase price will be paid to the Medicine College in cash once the SFDA transfers the owner registration of Hongrui's 22 TCM products from Hongrui to Laiyang. The Contract provides that in the event that the SFDA does not approve the transfer of the ownership of Hongrui's 22 TCM products from Hongrui to Laiyang that Laiyang may cancel the Contract and rescind any transfers and payments previously consummated or made. The remaining RMB44 million of the purchase price will be paid to the Medicine College in the form of 643,651 newly issued shares of Genesis common stock within one year of the date of the execution of the Contract.
Hongrui Pharmaceuticals, Limited
Hongrui was founded in 1971 as an affiliate business of the Medicine College. It has a 33,350 square meter production and distribution facility located in the eastern part of Laiyang city which includes a 5,330 square meter plant and a 1,880 square meter warehouse. Hongrui has approximately 120 employees. Hongrui's revenue for 2007 was RMB113 million. Hongrui's revenue for the eight months ended August 31, 2008, was RMB 80.6 million, with an over 10% net profit margin. Laiyang will acquire Hongrui's production and distribution facility, equipment and inventories.
Hongrui produces a number of traditional Chinese medicines in tablet, capsule, syrup, pill and cream form which are widely used to cure gynecologic diseases, fevers, colds and coughs, pediatric diseases, and for daily health care. Hongrui also developed a drug used to treat bone and bone marrow inflammations for which it owns the intellectual property rights and is the exclusive manufacturer in China.
Hongrui groups its drugs into series:
-- Gynecology series - Motherwort Herb electuary, Motherwort Herb granules and Yimu granules to help ease labor pains
-- Laiyang Pear series - Laiyang Pear syrup and pulps to control coughs arising from various factors
-- Cold series - Syrup and granules, and Radix Isatidis granules, to help reduce fevers and control coughs
-- Pediatric series - Oral liquids to control children's coughs, asthma and fever
-- Traditional Cure series - Liuweidihuang pills to help improve memory, Aplotaxis Carminative pills for upset stomachs, and pills for a variety of liver and stomach ailments
Acquisition by Genesis
The acquisition of Hongrui by Laiyang will increase Genesis' product portfolio from 6 to 28 products during a time when the Chinese SFDA is tightening its standards and slowing down its approval process for new drugs. A larger number of TCM products will help increase the Company's presence in the OTC drug market and help balance Genesis' OTC sales with its sales of prescription drugs.
After the asset transfer is complete, Genesis will begin manufacturing, labeling and distributing the TCM products it purchased from Hongrui under its own brand name "Jiangbo." As a first phase, Genesis selected 11 Hongrui products to produce and distribute. These 11 TCM drugs have had the highest sales volumes and profit margins of all of Hongrui's products.
"After months of due diligence, we are pleased to enter into a purchase agreement with the Medicine College through which we will acquire Hongrui. Genesis is accelerating its growth by acquiring profitable products from Hongrui which we will manufacture and then distribute through our sales network. We estimate that this acquisition will increase Genesis' revenues by approximately RMB150 million, and net income by approximately RMB24 million, in the twelve months after closing," said Mr. Wubo Cao, CEO of Genesis. "We plan to integrate Hongrui's production and sales into our existing manufacturing and sales network. We believe that our product mix after this acquisition will enable us to better meet the demands of the growing OTC drug market in China."
About Genesis Pharmaceuticals Enterprises, Inc.
Genesis Pharmaceuticals Enterprises, Inc. is a U.S. public company engaged 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.
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 acquisition of Hongrui. Actual results may differ materially from anticipated or 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.
Contact: Genesis Pharmaceuticals CCG Investor Relations, Inc. Enterprises, Inc. Mr. Crocker Coulson, President Ms. Elsa Sung, CFO Phone: (646) 213-1915 Phone: (954) 727-8435 E-mail: crocker.coulson@ccgir.com E-mail: elsasung@jiangbo.com http://www.ccgirasia.com/ http://www.genesispharmaceuticals.com/
LAIYANG, China, Jan. 29 / PRNewswire-Asien-FirstCall / - Genesis Pharmaceuticals Enterprises, Inc. (OTC Bulletin Board: GNPH) ( "Genesis" oder die "Gesellschaft"), ein US-Pharma-Unternehmen mit Hauptsitz in der People's Republic of China, gab heute bekannt, dass Laiyang Jiangbo Pharmaceutical Co., Ltd ( "Laiyang"), eine hundertprozentige Tochtergesellschaft des Unternehmens, in eine Aktiva Transfer-Vertrag (der "Vertrag") mit Shandong Traditional Chinese Medicine College ( die "Medizin College") und Hongrui Pharmaceuticals, Ltd ( "Hongrui"), eine hundertprozentige Tochtergesellschaft der Medizin College, auf deren Kauf Laiyang wird die Mehrheit der Aktiva im Besitz von Hongrui, einschließlich aller Anlagen, einschließlich und ohne Beschränkung, alle Produktions-und Bürogebäude, Grundstücke, Ausrüstung und Vorräte und alle Rechte zur Herstellung und Verteilung Hongrui die 22 Traditionelle Chinesische Arzneimittel ( "TCM"), für einen Kaufpreis von insgesamt RMB110 Millionen (ca. $ 16,1 Mio.), bestehend aus RMB66 Millionen in bar (ca. US $ 9,6 Mio.) und 643.651 Aktien der Gesellschaft die Aktien. Da die aktuellen Marktwert Aktie liegt bei etwa US $ 2,6 Mio., die Gesellschaft hat den Wert des Geschäfts auf rund US $ 12,2 Millionen.
Der Kauf wird in Etappen vollzogen wird nach Erhalt von den Parteien aller erforderlichen regulatorischen Genehmigungen einschließlich der Zustimmung der Provinz Shandong Food and Drug Administration ( "SFDA") und die Genehmigung der Shandong staatliche Vermögenswerte Verwaltung. Ab 23. Januar 2009, dieser Transaktion wurde von der Shandong staatliche Vermögenswerte und Verwaltung bestimmter Vermögenswerte wurden auf die Laiyang. Gemäß den Bedingungen des Vertrages, der Kaufpreis wird die Medizin College wie folgt: RMB20 Mio. (ca. US $ 2,9 Mio.) des Kaufpreises wird die Medizin College in bar innerhalb eines Monats nach der ersten Übertragung der Vermögenswerte zu Laiyang (von 23. Februar 2009). Ein weiterer RMB46 Mio. (ca. US $ 6,7 Millionen) des Kaufpreises wird die Medizin College in bar, wenn die SFDA Übertragungen der Eigentümer Registrierung von Hongrui die 22 TCM Produkte von Hongrui zu Laiyang. Der Vertrag sieht vor, dass für den Fall, dass der SFDA nicht genehmigt die Übertragung des Eigentums an den Hongrui die 22 TCM Produkte von Hongrui zu Laiyang, dass Laiyang kann den Vertrag und Rücktritt von Überweisungen und Zahlungen bereits vollzogen oder sind. Die restlichen RMB44 Mio. des Kaufpreises wird die Medizin College in Form von 643.651 neuen Aktien von Genesis Aktien innerhalb eines Jahres ab dem Zeitpunkt der Ausführung des Auftrags.
Hongrui Pharmaceuticals Limited
Hongrui wurde 1971 gegründet als Business-Partner der Medizin College. Es hat ein 33.350 Quadratmeter Produktions-und Vertriebs Einrichtung befindet sich im östlichen Teil der Stadt, die Laiyang ein 5330 Quadratmeter großes Werk und ein 1880 Quadratmeter großes Lager. Hongrui hat rund 120 Mitarbeiter. Hongrui Einnahmen für das Jahr 2007 wurde RMB113 Millionen. Hongrui Einnahmen für die acht Monate bis 31. August 2008, wurde RMB 80,6 Mio., mit einer mehr als 10% Netto-Gewinn. Laiyang erwerben Hongrui die Produktion und den Vertrieb Einrichtung, Ausrüstung und Vorräte.
Hongrui produziert eine Reihe von traditionellen chinesischen Arzneimitteln in Tabletten, Kapseln, Sirup, Pille und Rahm Form, die weit verbreitet sind zu heilen gynäkologische Krankheiten, Fieber, Schnupfen und Husten, Kinder-Kreislauf-Erkrankungen und für die tägliche Gesundheitsversorgung. Hongrui auch ein Medikament zur Behandlung von Knochen und Knochenmark Entzündungen, für die sie besitzt die Rechte an geistigem Eigentum und ist der exklusive Hersteller in China.
Hongrui Gruppen ihre Drogen in Serie:
- Gynäkologie Serie - Motherwort Herb electuary, Motherwort Herb Granulat und Granulat Yimu zu erleichtern Wehen
- Laiyang Birnen-Serie - Laiyang Birnen-Sirup und Zellstoffe zu kontrollieren hustet sich aus verschiedenen Faktoren
- Cold-Serie - Sirup und Granulat, und Radix Isatidis Granulat, zur Verringerung der Fieber und Husten Kontrolle
- Kinder-Serie - Mündliche Flüssigkeiten zu kontrollieren Kinder Husten, Asthma und Fieber
- Traditionelle Kur Serie - Liuweidihuang Pillen zur Verbesserung Speicher, Aplotaxis Carminative Pillen für stören Mägen, und Pillen für eine Vielzahl von Leber und Magen-Beschwerden
Erwerb von Genesis
Der Erwerb von Hongrui von Laiyang wird Genesis' Produkt-Portfolio von 6 bis 28 Produkte in einer Zeit, in der chinesischen SFDA ist die Verschärfung ihrer Normen und verlangsamt die Genehmigung für neue Medikamente. Eine größere Zahl von TCM-Produkten wird dazu beitragen, die Unternehmen die Präsenz in der OTC-Arzneimittel-Markt und helfen Gleichgewicht Genesis "OTC-Umsatz mit den Verkauf von verschreibungspflichtigen Medikamenten.
Nach dem Asset-Übertragung abgeschlossen ist, Genesis beginnt Herstellung, Kennzeichnung und die Verteilung der TCM Produkte, die es gekauft Hongrui unter ihrer eigenen Marke "Jiangbo." In einer ersten Phase, Genesis 11 Hongrui ausgewählte Produkte zu produzieren und zu vertreiben. Diese 11 TCM-Drogen haben die höchsten Umsätze und Gewinnspannen aller Hongrui Produkte.
"Nach Monaten der Due Diligence, freuen wir uns, in einen Kaufvertrag mit der Medizinischen Hochschule, über die wir erwerben Hongrui. Genesis beschleunigt sein Wachstum durch den Erwerb profitabler Produkte aus Hongrui, die wir produzieren und zu vertreiben, dann durch unser Vertriebsnetz. Wir gehen davon aus, dass dieser Akquisition wird die Genesis "Einnahmen von rund RMB150 Mio. und einen Reingewinn von rund RMB24 Millionen, in den zwölf Monaten nach dem Abschluss", sagte Herr Wubo Cao, CEO von Genesis. "Wir planen die Integration Hongrui der Produktions-und Vertriebsgesellschaften in unsere bestehenden Produktions-und Vertriebsnetz. Wir glauben, dass unser Produkt-Mix nach diesem Erwerb wird es uns ermöglichen, besser den Anforderungen der wachsenden OTC-Arzneimittel-Markt in China."
Über Genesis Pharmaceuticals Enterprises, Inc.
Genesis Pharmaceuticals Enterprises, Inc. ist ein US-Unternehmen, die in der Forschung, Entwicklung, Produktion, Marketing und Vertrieb von pharmazeutischen Produkten in der People's Republic of China. Die Maßnahmen befinden sich in Nordost-China in einem Wirtschafts-Development Zone in Laiyang City, Shandong Provinz. Genesis ist eine große Pharma-Unternehmen in China produzieren sowohl westliche als auch chinesische Kräuter-basierten Medikamenten in Tabletten, Kapseln und Granulate bilden.
07.02.2009 00:50
Genesis Pharmaceuticals Successfully Defends Itself in a Multi-Million Dollar Arbitration, Two Other Arbitration Proceedings Against Genesis are Withdrawn
LAIYANG, China, Feb. 6 /PRNewswire-Asia-FirstCall/ -- Genesis Pharmaceuticals Enterprises, (News) Inc. (BULLETIN BOARD: GNPH) ("Genesis" or the "Company"), a U.S. pharmaceutical company with its principal operations in the People's Republic of China, today announced that an American Arbitration Association ("AAA") arbitration panel rejected requests by Capital Research Group, Inc. ("CRG") to award it $13.8 million and Capital Research Group Partners, Inc. ("CRGP") to award it $13.7 million in a joint arbitration proceeding against Genesis alleging the breach of three consulting agreements entered into by Genesis.
On February 2, 2009, after the arbitration panel heard CRG and CRGP claims and Genesis counterclaims, the panel awarded a total of $980,070.50 to CRG and CRGP jointly, representing less than four percent (4%) of the damages sought by CRG and CRGP. The panel also denied CRG and CRGP requests for costs and pre-judgment interest, and stated that once the award is satisfied, CRG and CRGP will have no further claims against Genesis stock or other assets targeted in the arbitration proceeding.
A few days before the decision by the arbitration panel became available, two arbitration proceedings filed against Genesis by related parties China West, LLC and China West II, LLC were withdrawn.
"Although we are disappointed that the arbitration panel awarded a settlement, which the Company will pay, in the arbitration proceeding brought against us by CRG and CRGP, we believe that this outcome will have a minor negative impact on Genesis," said Mr. Wubo Cao, CEO of Genesis. "Now that the arbitration proceeding brought against us by CRG and CRGP is successfully concluded, and China West and China West II have withdrawn their arbitration proceedings against us, we can once again fully focus on managing and growing Genesis."
About Genesis Pharmaceuticals Enterprises, Inc.
Genesis Pharmaceuticals Enterprises, Inc. is a U.S. public company engaged 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.
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 Actual results may differ materially from anticipated or 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.
Contact: Genesis Pharmaceuticals Enterprises, Inc. Ms. Elsa Sung, CFO Phone: (954) 727-8435 E-mail: elsasung@jiangbo.com http:/// http://www.genesispharmaceuticals.com/ CCG Investor Relations, Inc. Mr. Crocker Coulson, President Phone: (646) 213-1915 E-mail: crocker.coulson@ccgir.com http://www.ccgirasia.com/
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