(PRWEB) September 23, 2004 -- Genesis Technology Group, Inc.
(OTC BB:GTEC.OB) has acquired controlling interest in ExtremA LLC, a Miami-based
computer hardware wholesaler with a 22-year history. ExtremA has succeeded in
marketing equipment between North and South America, and Genesis will source and
add new products from China to expand ExtremA's inventory and sales
Mr. Fernando Praca, co-founder and Chief Executive Officer of ExtremA LLC, explained: "Since being founded in 1982, our cumulative sales have exceeded $100 million, and we expect to reach those levels again by joining the Genesis family.
"Genesis now owns 60% of ExtremA and founding management retains 40%; this should construct a motivated partnership, benefiting from the skills and experience of both companies. After a 90-day due diligence period, we have concluded that Genesis is a priceless source of both product line and contacts at the highest level of Chinese government and commerce.
"Basically, there are four reasons that we believe that Genesis will re-invigorate ExtremA and help us reach record revenues: Genesis (1) will revamp our management with the addition of strong financial controls; (2) will supply much-needed working capital that will enable ExtremA to meet its backlog of orders from its customers; (3) can source cutting edge technology from China that could give ExtremA a decided edge in the marketplace; and (4) may negotiate price advantages for ExtremA in sourcing Chinese hardware.
"ExtremA has built its business by connecting North and South America. Now we will benefit from the bridge that Genesis has designed and constructed between these economies and China. We have joined the Genesis corporate family with enthusiasm and high expectations," concluded Mr. Praca.
Gary L. Wolfson, Genesis CEO, commented: "We embarked on a laborious due diligence process in May. We had secured $2 million in funding for purposes of mergers and acquisitions. This fund is being utilized judiciously, and the ExtremA acquisition is the first one completed. Our investment of stock and cash is about $340,000, but the future operation will take a commitment, both financial and managerial. To date, we have additionally extended about $350,000 for the ExtremA operations.
"Acquiring this distribution channel, with two decades of proven success, could become a major profit center. In the near future, we will launch an LCD personal computer that could gain immediate acceptance and a significant market share globally. With ambitiously sourced products and financing, ExtremA could achieve, on an annual basis, $10-15 million in sales and $0.5 million to $1 million in net income," forecasted Mr. Wolfson.
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 companies in the West with those in China. Genesis has created successful profit centers in product development, manufacturing, distribution, joint ventures and operational services. The Company has fully staffed offices in the United States, Germany, and China. 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 elite Chinese companies, focusing on emerging technology industries including, but not limited to, computer hardware and software, nanotechnology, biotech, wireless telecommunication, information systems, environmental protection and biomedicine technologies.
About ExtremA, LLC
ExtremA LLC is a leading wholesale distributor firm of computer related electronic components headquartered in Miami, the bridge to Latin America. Since its inception in 1982, ExtremA has successfully excelled in customer satisfaction, enabling it to cultivate long-term relationships with an exceptional base of over 2,000 clients. This has been possible by specializing in computers and computer parts, focusing mainly on quality brand names of Notebooks, Digital Cameras, Central Processing Units (CPU), Memory Modules and Peripherals strictly to the wholesale industry. A proven track record of consistency, a worldwide reputation for delivering superior value and best service, and an effective team of extremely experienced employees has guaranteed a strong presence in the market. "ExtremA, We Take Electronics to the Max" is the company motto.
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. 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 grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. 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.
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Source : http://www.prweb.com/releases/2004/9/prweb160428.htm