Genesis Technology Group, Inc. Completes The Acquisition Of Shanghai Zhaoli Science And Technology Development Company27 Nov, 2001
Genesis Technology Group, Inc. Completes The Acquisition Of Shanghai Zhaoli Science And Technology Development Company
Genesis Technology Group, Inc. announced that it has completed the acquisition of 80% ownership in Zhaoli Science and Technology Development Company, Limited (Zhaoli), an Information Technology company located in Shanghai, China that specializes in software development and the sale and servicing of technology products. Genesis Technology Group issued 400,000 restricted shares in exchange for 80% ownership of Zhaoli.
Founded in early 1999, Zhaoli has realized substantial growth over the past three years. The company currently has approximately 65 employees located at seven branches and exclusive stores in Shanghai. In addition, it has established subsidiaries in Hangzhou, the capital of Zhejiang Province and Nanjing, the capital of Jiangxi Province. In 2000, Zhaoli realized gross sales of over US$10 million, up 100% from its sales of $5 million in 1999, with double-digit earnings growth. The company achieved approximate US$12 million in sales in the first ten months of 2001.
Zhaoli has been appointed as a technical service center and special maintenance center for Epson, Canon, Hewlett-Packard and OKI products. Technical support and after-sales services are two strong facets of Zhaoli's business. In addition, the company has devoted significant resources to the development of proprietary software products including an e-learning software program for K-12 education in China, one of the largest software markets in the world. The program offers a full line of training and education programs delivered on the Internet.