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Geo Genesis Group Ltd - Strategic Reorganization - 31 December 2009 |
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Geo Genesis Group Limited / Ticker: GEOP / Market: PLUS
31 December 2009
Geo Genesis Group Limited (`Geo Genesis' or `the Group')
Strategic Reorganization
Geo Genesis Group Limited, an emerging markets advisory and investment company,
today confirms the outcome of its recent strategic reorganization concerning
its activities in China; in particular the Group's wholly owned subsidiary,
Qingdao China Partners Ltd (`QCP'), based in Qingdao, China.
The Board believes that the Chinese presence of the Advisory & Consultancy
Division of Geo Genesis would be best served by increasing the direct
involvement of the Group's New York advisory subsidiary, Geo Genesis Group Inc.
Therefore the decision has been made to withdraw such activities from `QCP',
focusing instead on the Beijing office of Geo Genesis Group Inc.
Geo Genesis Group Inc.'s Beijing office is authorized by the relevant Chinese
authorities and already has a strong presence in China. This staffed office
will continue to represent the New York advisory arm of the Group and will
resume all responsibility for Geo Genesis's activities in China. In addition to
the Group's activities in Beijing, Geo Genesis will maintain two independent
contractors in Qingdao; Mr Jan Pannemann, a Senior Advisor to the Group and Ms
Connie Zhang, a Senior Associate. Both will work closely with the Beijing
office of Geo Genesis Group Inc.
As a result of the restructuring, Mr Steven Jiasheng Liu of QCP, and Mr Dudley
Owen-Thomas, an advisor to the Group, will no longer hold shares, warrants or
options in Geo Genesis. Both individuals were allotted a number of securities
in Geo Genesis in consideration for ongoing work with QCP. Given the new
strategy for the Group's Advisory & Consultancy Division in China, these
facilities have been canceled as per a special meeting of the Board held on 26
December 2009.
Roger Bendelac, Chief Executive of Geo Genesis said "We have restructured our
advisory capacity in China to maximize the wealth of expertise available to us.
As with all businesses, there come times when difficult decisions must be made
and the Board believes that the best path of continued progress for the Group
is by applying the knowledge and experience of our New York subsidiary
directly.
"The Beijing office of Geo Genesis Group Inc is of key importance to both our
commercial and government relationships in China and will lead the coordination
of our activities in this region. 2010 holds considerable promise for
investment in China, but there are many challenges to come as the global
economy shows signs of straightening. I believe that Geo Genesis has a strong
team on the ground in China and the Board would like to thank all involved in
our Chinese operations for their continued efforts for shareholders."
Following the cancellation of securities, the issued share capital of the
Company is 64,680,692 Ordinary Shares and 25,850,000.00 A Class Warrants. The
total Directors shareholdings now stand at 25,527,500 Ordinary Shares
representing 39.47% of the issued share capital.
**ENDS**
For further information visit www.geogenesisgroup.com or contact:
Roger Bendelac, CEO Geo Genesis Group Ltd Tel: +1 (917) 969 5475
Ravi Sikand Orange Corporate Finance Tel: +44 (0)20 7312
6530
Paul Youens St Brides Media & Finance Tel: +44 (0)20 7236
Ltd 1177 / +44 (7989 384
551)
END
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