MIAMI, Oct. 9 China West II has filed an arbitration for$6 million USD against Genesis Pharmaceuticals (OTC Bulletin Board: GNPH) forits breach of contract and failure to distribute stock in China Wind Systems,Inc. (OTC Bulletin Board: CWSI) per operating agreement and contractualobligations.
Genesis Equity Partners II (GEP II) was formed in 2007 to complete theprivate to public reverse merger program for China Wind ("Green Power").Genesis owned 51%, China West owned 24.5% and Joshua Tan, a director ofGenesis, owned 24.5% of GEP II. Green Power completed the private to publicprocess in November 2007.
Neither Genesis shareholders nor China West II received their rightfulshare benefit. Greenview Capital, the same firm that arranged the Genesisfinancing, received 2,420,204 shares and Cawston Enterprises received2,866,570 of CWSI as well.
Pacific Rim Consultants Inc., whose officers are Justin A. Wolfson, CaeliR. Wolfson Widger, Jonathan A. Wolfson, and Gregory T. Wolfson, received3,089,753 shares in China Wind Systems or Green Power. Gary L Wolfson is theregistered agent for Pacific Rim Consultants as well as former GenesisChairman of the Board and CEO and Genesis Holdings CEO. China Wind Systemstraded as high as $6.00.
During a quarterly conference call, Genesis CFO Elsa Sung toldshareholders that she had no knowledge about any Green Power contract.However, Genesis CFO Sung was the lead auditor for Green Power/China WindSystems whilst employed at Sherb and Co. Genesis hired Sherb and Co. toconduct the GAAP audit for the purposes of going public.
China West II is represented by Jeffrey Tew, Esq., Tew Cardenas, 15thFloor Four Seasons Tower, 1441 Brickell Avenue, Miami, FL 3331. Genesis isrepresented by Benjamin Olive, Esq., Olive & Associates, 2438 E. Las OlasBlvd., Fort Lauderdale, FL 33301.
Genesis Technology is currently a wholly owned subsidiary of GenesisPharmaceuticals (OTC Bulletin Board: GNPH), now operating as Genesis Holdings.
This is an excellent comparison to our current economy, where investorsand shareholders alike bear all the risk yet executives continue to alwaysprosper. We are in the midst of launching www.GTEC-GoldenParachute.com . Thesite will be accessible for former and current Genesis stockholders to reviewvoluminous material about GTEC, GEP II, and of course Genesis Pharmaceuticals.
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SOURCE China West II