Genesis Technology Group Acquires Business Rights and Contracts From Pacific Rim Corporation; Gary L. Wolfson Joins the Company as Chief Executive Officer.

Business Editors/Technology Writers

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Aug. 7, 2002

Genesis Technology Group, Inc. (OTCBB:GTEC), the first and only US-based Trust Member of the Shanghai Technology Stock (Property Rights) Exchange (STSE), announced today that the Company has acquired Business Rights and Contracts from Pacific Rim Corporation (PRC), an Orlando-based firm with associate offices in China, Australia and Germany.

This acquisition transfers all PRC agreements negotiated and consummated on or after July 1, 2002. The centerpiece of these projects is the renowned Flowers Chemical Laboratories (FCL) pan-Asian licensing agreement. This exclusive license will enable GTEC to transfer the FCL technology primarily to China and eventually to other Asian countries. FCL has a 45-year history of trailblazing environmental and agricultural testing. Scion of the Flowers dynasty, Dr. Jefferson S. Flowers, co-authored the national standard for laboratory testing in the United States. (See www.flowerslabs.com) Other acquired projects include real estate development in conjunction with the Carlson Hospitality Group and commercial airport management through PRC's associate office in Munich, Germany.

The second aspect of the PRC acquisition allows GTEC to claim its 10-year history and client list developed principally by Gary L. Wolfson. Mr. Wolfson left his post as president of PRC, effective August 1, 2002, and concurrently accepted the appointment by the Board of Directors as the Genesis Chief Executive Officer. Mr. Wolfson succeeds Dr. James Wang, who remains as GTEC's Chairman and President.

Gary Wolfson, co-founder of PRC, started his "China trade career" in the fall of 1992. Since that first trip to Hainan Island, Mr. Wolfson has been totally reliant on China as a source of income and inspiration. He has served as an advisor to almost 30 western companies, including the Walt Disney Institute, Atlantic Gulf Communities, Florida Hospital, Goodyear Tire, Carlson Hospitality, Hewlett-Packard, CMI Power/Kansas City Power, Motorola, the Florida Department of Commerce, Ayiko Europe and Flowers Laboratories. He has personally negotiated contracts exceeding $650 million. He served as the first non-Chinese member of the World Trade Center Nanjing (Jiangsu Province), was elected to the board of directors of one of China's largest public companies, represented the China Academy of Sciences in the U.S., and served as president of a Chinese manufacturing joint venture with over 3,000 employees.

A native Floridian, Mr. Wolfson has made Orlando his home base, when he is not 35,000 feet aloft or in China, where he has worked in over a dozen cities. He attended the Northwestern University School of Business in Evanston, Illinois, and has been the honored speaker on the topic of the China Trade before numerous groups in both hemispheres.

Dr. James Wang, Genesis' Chairman and President, commented: "I would like to welcome Mr. Wolfson to the GTEC team. We are fortunate to have this opportunity to appoint an industry veteran with so much international business experience to lead our efforts and organization. Mr. Wolfson brings more than 10 years of forging profitable relationships between western and Chinese enterprises from start-ups to Fortune 500 companies. He is the ideal choice to continue our tradition of success and to take GTEC to the next level. His skills and history with entrepreneurs, technology and developing businesses match the needs of our company perfectly. His strong relationships in the US and China provide access to the capital resources and partnership alliances GTEC will require to continue our expansion in both countries. This is an important milestone in our short company history, another important piece that we need to accomplish our mission."

Gary Wolfson added: "I am honored to follow in the footsteps of Dr. Wang in leading GTEC through the successful execution of our business plan. James is a visionary, and I accepted the appointment of CEO based on the dizzying growth in China coupled with GTEC's unique strategy to capitalize on the needs and strengths of the Chinese and American economies. From its WTO entry to the 2008 Olympics marks a special era for China, and GTEC is positioned to become a powerful force in both hemispheres. Perhaps most importantly, GTEC has a strong and experienced management team, and I will augment that group judiciously in the coming months. My goal and focus will always remain adding real, concrete value to Genesis for its shareholders and employees. Nothing will appreciate stock value like increasing the bottom line. That is my assignment."

About Genesis Technology Group, Inc.

Genesis Technology Group is a business development firm that fosters bilateral commerce between companies in the United States and China. Genesis has created successful profit centers in product development, manufacturing, distribution, joint ventures and operational services. Genesis has established effective working relationships with various governmental agencies, public institutes, and private industries in China at both national and provincial levels. The Company also aims to play a key role in assisting small to mid-size Chinese private companies that desire growth, to expand their business with the financial and operational support of the Genesis. For more information on the Company, please visit http://www.genesis-technology.net.

About Pacific Rim Corporation (PRC)

Pacific Rim Corporation, Inc. ("PRC"), has been in operation since the fall of 1992. The firm has been dedicated to consummating business agreements between Western businesses and those qualified concerns in the People's Republic of China. It maintains U.S. offices in Orlando and San Francisco. Shanghai and Qingdao in China, Wahroonga (Sydney), Australia and Munich, Germany. Perhaps most importantly and most unifying in commitment, PRC has promoted its philosophy through: "Peace and understanding through communication and commerce." (See www.pacificrimcorporation.com)

PRC has forged an unsurpassable global network, with such clients as:

-- Atlantic Gulf Communities

-- Ayiko Europe (Munich)

-- Carlson Hospitality Group

-- China Academy of Sciences (Shanghai)

-- CMI Power

-- Environmental Improvement Systems

-- eProtea Engineering (Kuala Lumpur)

-- Florida Department of Commerce

-- Florida Hospital

-- Flowers Chemical Laboratories

-- Goodyear Tire & Rubber

-- Hewlett-Packard

-- Kansas City Power & Light

-- Motorola China (Beijing)

-- Nanjing Valley of Jiangsu Province (China)

-- Walt Disney Memorial Cancer Institute

This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the Company's ability to grow its business and its ability to successfully integrate new personnel and business activities. 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 & Exchange Commission.