TORONTO, May 18, 2016 (GLOBE NEWSWIRE) -- GeneNews Limited (“GeneNews” or the “Company”) (TSX:GEN) announced
today that, further to its press release of March 11, 2016, it has applied to the Toronto Stock Exchange (the “TSX”) for a further
extension of the TSX’s Remedial Review Process to allow the Company additional time to demonstrate compliance with the continued
listing requirements of the TSX (the “Listing Requirements”).
Over the course of the past several weeks, GeneNews has made significant progress toward restructuring its
operations, including, but not limited to, it completing a non-brokered private placement under the Financial Hardship Exemption.
In addition, the Company is pursuing additional financing options in order to further strengthen its balance sheet. Finally,
GeneNews is continuing to work with its auditors to complete its audited financial statements and the MD&A for the year ended
December 31, 2015, with filing currently expected to occur on or before May 27, 2016. GeneNews believes the above may have a
positive impact on the Company’s ability to demonstrate compliance with the Listing Requirements.
About GeneNews
GeneNews is 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. The Company's lead
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 can be found at www.GeneNews.com.
About IDL
Richmond, Virgina-based IDL is a national clinical reference lab specializing in personalized blood-based
testing to help find, understand, and address cancer risk in patient populations. IDL’s mission is to provide a comprehensive menu
of traditional and advanced clinical evidence-based blood tests that aid in early cancer detection. Currently IDL offers risk
assessment blood tests for the three most prevalent cancer types including lung, colon and prostate. IDL is actively
in-licensing and commercializing an array of DNA, RNA, protein and autoantibody blood-based cancer diagnostic tests to address
early detection of all major types of cancer.
Forward-Looking Statements
This press release contains forward-looking statements identified by words such as "expects", "will" and
similar expressions, which reflect the Company's current expectations regarding future events, including the restructuring of its
business. These forward-looking statements involve risks and uncertainties and material assumptions - including those related to
general business and economic conditions as well as our ability to complete an orderly restructuring of the Company's operations
which may include a sale, merger, strategic financing or other business combination - that could cause the Company's actual events
to differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings 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,
except as required by law.
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: (647) 872-4849 stephen@kilmerlucas.com
