GeneNews Limited Announces Proposed Share Consolidation
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 09/21/11 -- GeneNews Limited ("GeneNews" or the "Company") (TSX: GEN) announced today that it intends to seek shareholder approval to complete a share consolidation on the basis of one (1) post consolidation common share for every six (6) pre-consolidation common shares (the "Share Consolidation"). GeneNews believes that the proposed Share Consolidation will improve the marketability of its shares and better position the Company for future financing transactions and corporate development opportunities.
The proposed Share Consolidation is subject to shareholder approval and will be submitted for approval by the Company's shareholders at a special shareholders' meeting scheduled to take place on Monday, October 31, 2011.
In addition to obtaining the requisite shareholder approval, the proposed Share Consolidation is subject to approval of The Toronto Stock Exchange and will be implemented at the sole discretion of the Company's Board of Directors.
Because the proposed Share Consolidation would apply to all of the issued and outstanding common shares of the Company, it would not alter the relative rights and preferences of existing shareholders, nor affect any shareholder's proportionate equity or voting interest in the Company, except to the extent that the Share Consolidation would otherwise result in any shareholder owning a fractional share. In the event that the Share Consolidation would otherwise result in the issuance of a fractional share, no fractional share will be issued and such fraction will be rounded up to the nearest whole number if 0.5 or greater and down to the nearest whole number if less than 0.5.
Additional details regarding the proposed Share Consolidation will be included in a management information circular that will be distributed to shareholders in advance of the special shareholders' meeting.
About GeneNews
GeneNews is an emerging molecular diagnostics company focused on the application of functional genomics to enable early diagnosis and personalized health management based on disease-specific biomarkers. The Company has a patented core platform technology, the Sentinel Principle®, which has the power to detect and stage virtually any disease or medical condition from a simple blood sample. GeneNews is currently applying the Sentinel Principle® in major areas with unmet clinical needs such as cancer, arthritis, cardiovascular disease and neurological disorders. GeneNews launched its first commercial product, ColonSentry™, a blood-based test to pre-screen and assess an individual's current risk for colorectal cancer, in Canada in 2008. The company's marketing partners, Enzo Clinical Labs, GeneNews Diagnostics and GeneDiagnostics are expected to launch the ColonSentry™ test in the United States, Malaysia and China in 2011. For more information on GeneNews and ColonSentry™, or .
Forward-Looking Statements
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein including as a result of shareholders of the Company not approving the share consolidation. Investors should consult the Company's ongoing quarterly filings, annual information form and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements.
Contacts:
Company Contact:
GeneNews Limited
Gailina Liew, President & COO
Office: (905) 739-2036 or Mobile: (416) 844-0649
Investor & Media Contact:
Kilmer Lucas Inc.
Stephen Kilmer
Office: (212) 618-6347 or Mobile: (905) 906-6908
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 21.09.2011 - 11:00 Uhr
Sprache: Deutsch
News-ID 68020
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Medical Devices
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