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 of 1934
Date of Report (Date of earliest event reported) November 2, 2005
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GENESIS TECHNOLOGY GROUP, INC.
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(Exact name of registrant as specified in its charter)
Florida 333-86347 65-1130026
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
7900 Glades Road, Suite 420, Boca Raton, Florida 33434
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (561) 988-9880
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N/A
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(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 the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO MATERIAL DEFINITIVE AGREEMENT.
Genesis Technology Group, Inc. (OTCBB: GTEC) has signed an agreement with Dragon
Ventures (OTC: DRGV), a Nevada public corporation, for the sale of its
majority-owned subsidiary Chorry Technology Development Company, Ltd. (Chorry is
also known as Zhaoli, in the Chinese translation). All three parties have signed
the agreement, which is subject to the approval of a majority vote of shares
held by GTEC shareholders, with the following provisions.
(1) GTEC will deliver 100% of its shares in Chorry, representing its 80%
ownership of that subsidiary, to DRGV.
(2) DRGV shall pay to GTEC $500,000 in its common stock at a price calculated at
the average closing price for the 10 days prior to the closing date.
(3) For the year ended September 30, 2005, GTEC and DRGV shall equally divide
the cost of the audit of Chorry.
(4) The closing date will be the day that GTEC obtains shareholder approval for
the transaction, but no later than December 31, 2005.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 10.1 - Stock Purchase Agreement dated November 2, 2005.
SIGNATURE
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 TECHNOLOGY GROUP, INC.
By: /s/ Gary Wolfson
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Its: CHIEF EXECUTIVE OFFICER
Dated: November 14, 2005
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