Message #5 From:
NewsBot Date: March 11, 2008 11:40:10 PM
Genesis Pharmaceuticals Changes Auditors
LAIYANG, China, March 11 /Xinhua-PRNewswire-FirstCall/ -- Genesis
Pharmaceuticals Enterprises, Inc. (OTC 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.
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.
