MELBOURNE, Australia, 20 December 2018 (GLOBE NEWSWIRE) – Genetic Technologies Limited (ASX: GTG, NASDAQ: GENE, "Company"), through its subsidiary Gene Ventures Pty Ltd, is pleased to announce that it has joint venture with Blockshine Technology Corporation (BTC). The joint venture (JV), called Blockshine Health, will pursue and develop blockchain opportunities in the biomedical sector. Blockshine Health will have full access to BTC (royalty free) technology and all its opportunities in the biomedical sector. GTG will invest $ 250,000 in the JV and will hold a 49% stake.
The president and CEO of Genetic Technologies, dr. Paul Kasian issued the following comments: "Blockchain technology has provided a quantum leap in the opportunities for creation, collection, management and, above all, data security with specific applications in the biomedical space".
"GTG is excited about the opportunity to enter a joint venture with BTC.The new entity, Blockshine Health, will leverage GTG's biotech expertise and BTC's extensive development capabilities in the blockchain space with over 150 focused employees on a technological development at the forefront. "
"GTG has demonstrated its ability to commercialize research and development from ideation to sales in the largest healthcare market in the world and we see Blockshine Health as the perfect vehicle to cement a leading brand in the blockchain healthcare space."
Layla Dong, founder and CEO of Blockshine Technology Corporation, said: "Blockshine technology always puts the blockchain technology first, and only when technology really does serve the real economy, the benefits of progress technology can be shared with more people Blockshine Health aims to advance the application of blockchain technology in the medical field and promote high quality blockchain projects in the future. "
FOR FURTHER INFORMATION PLEASE CONTACT
| Dr. Paul Kasian Interim Director and CEO Genetic Technologies Limited + 61 3 8412 7000 |
Jason Wong (United States) Blueprint Life Science Group +1 (415) 375 3340, interior 4 |
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About Genetic Technologies Limited
Genetic Technologies is a diversified molecular diagnostic company that embraces blockchain technologies through genomic test platforms. GTG offers cancer prediction tests and assessment tools to help clinicians proactively manage patient health. The main product of the company, BREVAGenmore®, is a clinically validated risk assessment test for non-hereditary breast cancer and is the first in its class. For more information please visit www.brevagenplus.com is www.phenogensciences.com.
Genetic Technologies is developing a pipeline of risk assessment products, including a new test for colorectal cancer (CRC). For more information please visit www.gtgcorporate.com
Sure Port declaration
Any statement contained in this press release that refers to the Company's expectations are forward-looking statements, in the sense of Law on the reform of private litigation. The Private Securities Litigation Reform Act of 1995 (PSLRA) has implemented several substantial substantive changes that have affected certain cases reported in the federal securities laws, including changes related to the declaration of pleading, discovery, responsibility, class representation and fees. As this information may involve risks and uncertainties and is subject to change at any time, the actual results of the Company may differ materially from the expected results. Additional risks associated with the Genetic Technologies business can be found in its periodic documents filed with the SEC.
