GeneNews Completes Short-form Amalgamation With Subsidiaries - Quick Facts

(RTTNews) - Canada-based molecular diagnostics company GeneNews Ltd. (GEN.TO) said that in order to simplify its corporate structure as well as reduce administrative costs, it has completed a vertical short-form amalgamation with its wholly-owned subsidiaries, GeneNews Corp. and GeneNews Inc. The amalgamation is effective January 1, 2015.

Pursuant to the amalgamation, all of the issued and outstanding shares of each of GeneNews Corp or GC and GeneNews Inc. or GI will be cancelled and the assets, obligations and liabilities of each of GC and GI will be assumed by GeneNews.

GeneNews said that no securities will be issued in connection with the amalgamation and its share capital will remain unchanged. Further, the amalgamation will not have any significant effect on the business and operations of the company.