UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act 1934
Date of
Report (date of earliest event reported): February 2, 2009
GENESIS
PHARMACEUTICALS ENTERPRISES, INC.
(Exact
name of registrant as specified in charter)
Florida
(State or
other jurisdiction of incorporation)
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333-86347
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65-1130026
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(Commission
File Number)
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(IRS
Employer Identification No.)
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Middle
Section, Longmao Street, Area A, Laiyang Waixiangxing Industrial
Park
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Laiyang
City, Yantai, Shandong Province, People’s Republic of China
265200
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(Address
of principal executive offices and zip code)
(0086)535-7282997
(Registrant's
telephone number including area code)
(Registrant's
former name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR
240.14a-12(b))
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
On
February 9, 2009, Genesis Pharmaceuticals Enterprises, Inc., a Florida
corporation (the “Company”) announced in a Press Release the withdrawal of two
arbitrations against the Company by China West II, LLC (“China West II”) and
China West, LLC (“China West”). The Company further announced the decision of
the American Arbitration Association to award Capital Research Group Partners,
Inc. (“CRGP”) and Capital Research Group, Inc. (“CRG”) a net total of
$980,070.50.
In June
2008, China West II filed a demand for arbitration with the American Arbitration
Association against the Company and Joshua Tan, a former director of the
Company, seeking damages of approximately $6.7 million for an alleged breach of
contract by the Company in connection with the Company’s October 2007 reverse
merger. On January 28, 2009, the Company received a letter from the American
Arbitration Association indicating that China West II had withdrawn the
arbitration without prejudice.
In
November 2008, China West filed a demand for arbitration with the American
Arbitration Association against the Company and Joshua Tan seeking damages of
approximately $7.5 million for an alleged breach of contract and breach of
fiduciary duty by the Company in connection with the Company’s October 2007
reverse merger. On January 28, 2009, the Company received a notification via
electronic mail indicating that China West had withdrawn the arbitration without
prejudice.
In
December 4, 2007, CRG and CRGP, former consultants of the Company, filed a
demand for arbitration with the American Arbitration Association against the
Company for an alleged breach of three years consulting agreement by the
Company, seeking damages of approximately $13.8 million and $13.7 million ,
respectively. The amount of damages sought by CRG and CRGP was equal to the
dollar value of approximately 29,978,900 shares of the Company’s common stock
(Pre 40-to-1 reverse split). On February 2, 2009, upon hearing the claims of CRG
and CRGP and the Company’s counterclaims, the arbitration panel awarded CRG and
CRGP jointly, a net total of $980,070.50. The arbitration panel also
denied the requests of CRG and CRGP for costs and pre-judgment interest, stating
that once the award was satisfied, CRG and CRGP would have no further claims
against the Company’s common stock or other property that were the subject of
the arbitration.
A copy of
the Press Release is attached hereto as Exhibit 99.1.
Item
9.01
Financial Statements and Exhibits.
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Exhibit No.
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Description
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99.1
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Press
Release dated February 9, 2009.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
GENESIS
PHARMACEUTICALS ENTERPRISES, INC.
Name:
Cao Wubo
Title:
Chief Executive officer
Dated:
February 9, 2009