TORONTO, Dec. 21, 2012 /CNW/ - GeneNews Limited (TSX: GEN) ("GeneNews"), a molecular diagnostics company focused on developing blood-based biomarker tests for the early detection of diseases and personalized health management, announced that its common shares (Symbol: GEN) (the "Shares") will be posted for trading at the opening of business on December 24, 2012, on a one-for-six consolidated basis (the "Consolidation"), resulting in 33,744,883 issued and outstanding Shares, under the new CUSIP number 36870T 20 6. The Consolidation was previously announced on December 7, 2012 and was approved by the shareholders of GeneNews on April 26, 2012.
No fractional Shares will be issued in connection with the Consolidation. If, as a result of the Consolidation, a shareholder becomes entitled to a fractional Share, such fractional Share 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.
Letters of Transmittal were mailed to shareholders on or about December 20, 2012 requesting them to deposit their duly completed Letters of Transmittal, together with their pre-consolidated share certificates, to Equity Financial Trust Company, at its principal office in Toronto, in exchange for share certificates representing the number of consolidated Shares to which they are entitled.
GeneNews is a 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' lead product, ColonSentry™, is the world's first blood test to pre-screen and assess an individual's current risk for colorectal cancer. For more information on GeneNews and ColonSentry™, go to www.GeneNews.com or www.ColonSentry.com.
This press release contains forward-looking statements, which reflect the Company's current expectations regarding the future consolidation of the shares of the Company. The forward-looking statements involve risks and uncertainties, including market reaction to the consolidation and future liquidity of the consolidated shares. Actual events could differ materially from those projected herein. 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. Subject to applicable law, the Company disclaims any obligation to update these forward-looking statements.
SOURCE GeneNews Limited