TORONTO, March 17, 2016 (GLOBE NEWSWIRE) -- GeneNews Limited (“GeneNews” or the “Company”) (TSX:GEN) confirmed today that, further to its press release of March 14, 2016, the filing of its annual financial statements, management’s discussion and analysis, annual information form and the related officer certifications for the financial year ended December 31, 2015 (collectively, the “Annual Filings”) will be delayed beyond the filing deadline of March 30, 2016.
The Company is continuing to work with its auditors to complete its audited financial statements and the MD&A for the year ended December 31, 2015, but does not expect completion and filing to occur before May 27, 2016.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found in sections 4.3 and 4.4 of National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults for so long as it is delayed in filing the annual financial statements and related MD&A and CEO and CFO certificates. The Company is not aware of any other material information concerning its affairs which has not been generally disclosed.
In view of this delay in filing, the Company has applied to the applicable Canadian securities regulatory authorities for a management cease trade order, which, if granted, would preclude members of management from trading the Company’s common shares until such time as the cease trade order is no longer in effect. There can be no certainty that such an order will be granted. The applicable regulatory authorities may instead issue cease trade orders against the Company for failure to file its Annual Filings within the prescribed time period. If a management cease trade order is granted it would generally not affect the ability of persons who are not, or who have not been, directors, officers or other insiders of the Company to trade in the Company’s securities.
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.
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.
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.
James R. Howard-Tripp
Office: (905) 209-2030
Investor & Media Contact:
Kilmer Lucas Inc.
Office: (647) 872-4849