BOCA RATON, Fla., Sept. 6, 2005 (PRIMEZONE) -- Genesis Technology Group, Inc. (OTCBB:GTEC), announced that its subsidiary, Genesis Hong Kong OEM Direct signed new contracts totaling $1.1 million for the sale of SVA LCD products. The trading division, established in April 2005, continues to grow and sales representatives remain confident that GHK should exceed $6 million in sales in its first year of operating.
Genesis Hong Kong OEM Direct (GHK) signed a contract with Shanghai Visart Digital Science & Technology Co., Ltd., a subsidiary of Huayuan Group and Shanghai SVA Computer Co., Ltd., to furnish Samsung LCD televisions. GHK will deliver the first order of LCD TV's to Shanghai Visart Digital Science & Technology Co., Ltd. this month.
Shanghai Visart will be using the LCD TV's for future advertisement campaigns by Focus Media and Target Media, two prominent Shanghai-based advertising companies. Focus Media raised about $170 million USD via a public offering this summer, with underwriters Goldman Sachs and CSFB. Target Media, is planning a U.S. IPO, perhaps as early as later this year; the Shanghai-based company said it received $20 million USD in investment from Carlyle Group, a private equity firm.
Shanghai Hengyi International signed the second contract to purchase LCD monitors. An irrevocable letter of credit, for which Standard Chartered Bank of Shanghai is the advising bank, backs this transaction.
From Shanghai, Genesis CEO Gary Wolfson summarized: "Our local sales team has succeeded in completing steady sales, and we are pleased how the Hong Kong office has facilitated these transactions. Among our GHK clients are Fantastic Electronics, Shanghai Visart, and Hengyi International. GHK remains on track to exceed its sales goal of $6 million in its first year of operations."
About Genesis Hong Kong OEM Direct, Ltd.
Genesis Hong Kong OEM Direct, Ltd. ("GHK") leverages its position as first-tier distributor and its access to superior technology to develop and market LCDs and LCD products. GHK is engaged in the IT products business and specializes in the sale and export of LCD products such as Panel, LCD Monitor, LCD TV, PDP, etc. The business relies primarily on its close cooperation with numerous OEMs to offer high quality LCD products at the lowest cost, and secondly, GHK has the advantage of a direct sales network, which bypasses several layers of middlemen and trading companies, to deliver the best products at the best prices. As a subsidiary of Genesis Technology Group, GHK has unique access to cutting edge LCD technology coupled with the advantage of direct marketing channels in China and internationally. GHK can also accommodate Genesis clients in consummating transactions with the assistance of its banking relationship with Standard & Chartered Bank. The GHK office is located at 12/F, Seabright Plaza Unit D, 9-23 Shell Street, North Point, Hong Kong. For reference, visit www.genesis-technology.net/subs.asp
About Genesis Technology Group, Inc.
Genesis Technology Group, Inc. (also referred to as "Genesis China") is a business development firm that fosters bilateral commerce between Western and Chinese companies. Genesis has created successful profit centers in product development, manufacturing, distribution, joint ventures and operational services. The Company has offices in the United States, Shanghai and Hong Kong. Genesis has established effective working relationships with various governmental agencies, public institutions, and private industries in China. In addition, the company acquires and invests in innovative technology companies in China or forms joint ventures with both American and Chinese companies, focusing on emerging technology industries. For more information, visit www.genesis-china.net
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