Genetic Technologies Completes Sale of AffinityDNA, EasyDNA Businesses

MT Newswires Live01-20

Genetic Technologies (ASX:GTG) completed the sale of AffinityDNA and EasyDNA to Endeavor DNA for AU$525,000, according to a Monday filing with the Australian bourse.

Endeavor has an option to purchase two of Genetic Technologies' subsidiaries that employ persons involved in conducting the acquired businesses, exercisable within four weeks after completion, the filing said.

Meanwhile, the molecular diagnostics company expects the total quantum of creditor claims to exceed that of funds held and any potential future asset recoveries. There will also likely be a shortfall to unsecured creditors. The future of the company will be decided at a meeting with creditors on Feb. 26, including either to enter into liquidation or execute a deed of company arrangement.

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