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- Release Date: 29/02/12 12:10
- Summary: FLLYR: GEN: Genesis Research Announces Full Year Results
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GEN
29/02/2012 10:10
FLLYR
REL: 1010 HRS Genesis Research and Development Corporation Limited
FLLYR: GEN: Genesis Research Announces Full Year Results
Auckland, New Zealand, 29 February 2012 - Genesis Research and Development
Corporation Ltd (NZSX/ASX: GEN) today reported audited financial results
showing a net loss for the year of $0.48 million (31 December 2010 loss:
$1.97 million). The cash balance at 31 December 2011 was $0.1 million (31
December 2010: $0.3 million).
As previously announced, the company suspended operations in May 2010 and all
staff were terminated.
Genesis Chief Executive, Stephen Hall, said, "Genesis has been reviewing a
number of possible investment transactions. Unfortunately most of the
projects were considered unsuitable or the terms on which they were available
were not satisfactory. However on 12 January 2012 Genesis announced that it
had signed a Memorandum of Understanding with Mariposa Health Ltd (Mariposa)
to merge with Mariposa, an unlisted public Australian based pharmaceutical
development company with several development projects.
"The proposal is subject to various conditions including completion of due
diligence investigations, completion of transaction documents, and receipt of
necessary regulatory approvals.
"The merger will be effected by Genesis issuing approximately 200 million
shares to acquire all the outstanding capital of Mariposa. Genesis plans to
raise funding for the product development programme by issuing further
shares.
"Existing shareholders of Genesis will retain the right to receive 50% of the
proceeds from any sale or realisation of the Genesis interest in Real Time
Genomics Inc. that occurs within the next 5 years, (providing they retain
their shareholding until such date of realisation) in addition to all normal
rights as shareholders of Genesis. The remainder of any proceeds will accrue
to the benefit of Genesis and all its shareholders at that future date.
"Documentation will be mailed to shareholders to approve the proposed
transaction at a special general meeting at a date to be advised."
End CA:00220161 For:GEN Type:FLLYR Time:2012-02-29 10:10:38
