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GeneNews Provides Default Status Report

TORONTO, April 12, 2016 (GLOBE NEWSWIRE) -- GeneNews Limited (“GeneNews” or the “Company”) (TSX:GEN) is providing this bi-weekly default status report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").

On March 29, 2016, the Company announced that it had been granted a Management Cease Trade Order (“MCTO”) by the Ontario Securities Commission. The application for the MCTO was made in respect to the expected late 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”) beyond the filing deadline of March 30, 2016. In the application, both James Howard-Tripp, Executive Chairman, and Leslie Auld, Chief Financial Officer, consented to the issuance of the MCTO and both are precluded from trading the Company’s common shares until such time as the cease trade order is no longer in effect. The MCTO does not generally affect the ability of shareholders who are not insiders of the Company to trade their securities.

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, and currently expects completion and filing on or before May 27, 2016.

Pursuant to the requirements of section 4.4 of National Policy 12-203 – Alternative Information Guidelines, the Company reports the following:

  • There have been no material changes to the information contained in its March 29, 2016 news release and the Company expects to file the required filings on or before May 27, 2016; however, the Company continues to work with its auditors to remedy the default and complete its Annual Filings;
  • There have been no failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines;
  • There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Announcement; and
  • There is no other material information respecting the Company's affairs that has not been generally disclosed.
  • Until the Required Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in Section 4.4 of NP 12-203 by issuing bi-weekly default status reports in the form of further news releases, which will be filed on SEDAR.

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

Source:GeneNews Limited

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