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): June
9, 2008
GENESIS
PHARMACEUTICALS ENTERPRISES, INC.
(Exact
name of registrant as specified in charter)
Florida
(State
or
other jurisdiction of incorporation)
|
333-86347
|
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65-1130026
|
|
(Commission
File Number)
|
|
(IRS
Employer Identification No.)
|
Middle
Section, Longmao Street, Area A, Laiyang Waixiangxing Industrial
Park
Laiyang
City, Yantai, Shandong Province, People’s Republic of China
710075
(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))
Item
5.02. Departure of Directors or Certain Officers; Election of Directors,
Appointment of Certain Officers; Compensatory Arrangement of Certain
Officers.
On
June
9, 2008, the Board of Directors of Genesis Pharmaceuticals Enterprises, Inc.
(the “Company”) by unanimous written consent approved the hiring of Elsa Sung as
the full-time Chief Financial Officer of the Company effective June 10,
2008.
Ms.
Sung,
age 34, has served as Chief Financial Officer of the Company since October
2007.
Prior to June 2008, she was also Vice President of CFO Oncall, Inc. Prior to
joining CFO Oncall, Inc., Ms. Sung was an Audit Manager at Sherb & Co., Boca
Raton, Florida, responsible for managing, monitoring, as well as performing
audits for domestic and international clients. Before joining Sherb & Co.,
Ms. Sung was a Senior Internal Auditor at Applica Consumer Products, Inc.,
a
U.S. public traded company. Prior to this, Ms. Sung was with Ernst & Young,
LLP in West Palm Beach, Florida as a Senior Auditor in the Assurance and
Advisory Business Service Group. Ms. Sung is a licensed CPA in the State of
Georgia and a member of the American Institute of Certified Public Accountants.
She received her Master of Business Administration and Bachelor’s Degree,
graduated “Cum Laude”, in Accounting from Florida Atlantic University. She also
holds a Bachelor’s Degree in Sociology from National Chengchi University in
Taipei, Taiwan.
The
Company and Ms. Sung executed an employment agreement effective as of June
10,
2008 (the “Employment Agreement”). In accordance with the terms of the
Employment Agreement, Ms. Sung will receive an annual base salary of $120,000
and will be entitled to receive performance bonuses of (i) $18,000 if the
Company is successfully listed or quoted on the New York Stock Exchange, the
American Stock Exchange, the NASDAQ Select Market, the NASDAQ Global Market
or
the NASDAQ Capital Market; (ii) $8,000 if the Company meets its 2008 Guaranteed
EBT; and (iii) $20,000 if the Company meets its 2009 Guaranteed EBT. In
addition, Ms. Sung will be granted 300,000 options in accordance with the
vesting and pricing schedule set forth in the Employment Agreement.
The
foregoing description of the Employment Agreement is merely a summary, is not
intended to be complete and is qualified in its entirety by reference to the
full text of the Employment Agreement. The Employment Agreement is filed as
Exhibit 10.1 to this Form 8-K, and the full text of such exhibit is incorporated
herein by reference.
Ms.
Sung
has no family relationships with any of the executive officers or directors
of
the Company. There have been no transactions in the past two years to which
the
Company or any of its subsidiaries was or is to be a party, in which Mr. Sung
had, or will have, a direct or indirect material interest.
Item
9.01 Financial
Statements and Exhibits.
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Exhibit
No.
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Description
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10.1
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Employment
Agreement, effective as of June 10, 2008 by and between Genesis
Pharmaceuticals Enterprises, Inc. and Elsa Sung
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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.
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GENESIS
PHARMACEUTICALS ENTERPRISES, INC.
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/s/Wubo
Cao
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Name:
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Wubo
Cao
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Title:
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Chief
Executive Officer
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Dated:
June 12, 2008