Genesis Technology Group, Inc. (GTEC) creates value by partnering with Chinese companies that are on a clear growth trajectory. China has been showing GDP growth of 10% per annum for nearly 30 years and that is 11.1% GDP growth in the last quarter alone.
Genesis Industries has just partnered with an important steel product company in China and their first order of business is financial transparency and accounting standards consistent with GAAP standards. China, the world’s biggest steel producer turned a net steel exporter last year, and exports of steel products have become one of the major contributors to the country’s massive trade surplus.
Despite the Chinese government’s attempt to cool down surging steel exports since last year, exports in April hit a record 7.16 million metric tons, far exceeding imports of 1.63 million tons, according to preliminary customs data.
Industry analysts said expectations of further controlling measures spurred trading firms and steel mills to export as much as possible, and exports in May could remain high.
China has cut value-added tax rebates for steel products twice since September and began imposing export duties on some products.
China’s double-digit economic growth has boosted the growth in iron ore imports as well as steel consumption. China’s economy expanded 11.1 percent in the first three months after rising 10.7 percent in 2006.
Analysts said the iron ore imports for the whole year of 2007 will beat the earlier forecast of 355 million tons by the China Iron and Steel Association.
As the world’s biggest producer and consumer of steel, China imported a record 325 million tons of iron ore and produced 419 million tons of crude steel last year.
Luo Bingsheng, deputy chief of the China Iron and Steel Association, said recently that domestic steel firms should buy or jointly develop more overseas iron mines.
Steel is one of the hottest sectors in China and not expected to cool in the foreseeable future.
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Source: Genesis Technology and Xinhua’s China Economic Information Service
Genesis Technology Group, Inc.
Boca Corporate Plaza
7900 Glades Road, Suite 420
Boca Raton, FL 33434
Phone: (561) 988-9880
Fax: (561) 988-9890
Email: General Information: info@genesis-china.net
Investor relations: clinton@genesis-china.net
Disclosure: Pentony Enterprises LLC has been compensated $3,600 and 265,000 restricted shares directly from the company for profile coverage. Pentony Enterprises is not a registered investment adviser or a broker/dealer. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk. It is the policy of Pentony Enterprises LLC to sell all shares of this and any company featured. Anyone considering any company we feature in consideration for free trading shares should consider this.
Forward Looking Statement: This release contains “forward-looking statements” based on current expectations but involving known and unknown risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, whether as a result of new information, future events or otherwise. The Company’s plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, its ability to consummate, and the timing of, acquisitions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate. The Company makes no undertaking to update such forward-looking statements. Except for the historical information contained herein, the matters discussed in this release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See filings with the Securities and Exchange Commission, including, without limitation, recently filed Form 10-KSB and 10-QSB.
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Disclosure: Pentony Enterprises LLC was compensated $12,500 directly from the company for profile coverage. Pentony Enterprises LLC is not a registered investment adviser or broker/dealer. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site are suitable or advisable for any person or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.