TORONTO, Jan. 2, 2015 (GLOBE NEWSWIRE) -- GeneNews Limited ("GeneNews" or the "Company") (TSX:GEN) is pleased to announce that, in order to simplify the corporate structure of GeneNews and to reduce administrative costs, effective January 1, 2015, it has completed a vertical short-form amalgamation pursuant to the Business Corporations Act (Ontario) with its wholly-owned subsidiaries, GeneNews Corporation ("GC") and GeneNews Inc. ("GI"). Pursuant to the amalgamation, all of the issued and outstanding shares of each of GC and GI will be cancelled and the assets, obligations and liabilities of each of GC and GI will be assumed by GeneNews. No securities of GeneNews will be issued in connection with the amalgamation and the share capital of GeneNews will remain unchanged. The amalgamation will not have any significant effect on the business and operations of GeneNews.
About GeneNews
GeneNews is a company focused on developing and commercializing proprietary molecular diagnostic tests for the early detection of diseases and personalized health management, with a primary focus on cancer-related indications. GeneNews' first product, ColonSentry®, is the world's first blood test to assess an individual's current risk for colorectal cancer. GeneNews' common shares trade on the Toronto Stock Exchange under the symbol 'GEN'. More information on GeneNews and IDL can be found at www.GeneNews.com and www.myinnovativelab.com.
CONTACT: Company Contact:
James R. Howard-Tripp
Executive Chairman
Office: (905) 209-2030
jhoward-tripp@genenews.com
Investor & Media Contact:
Stephen Kilmer
Kilmer Lucas Inc.
Office: (212) 618-6347
Mobile: (905) 906-6908
stephen@kilmerlucas.com
