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Genetic Technologies announces Heads of Agreement with Swisstec

  • Genetic Technologies (NASDAQ:GENE) has entered into a Heads of Agreement with Swisstec Health Analytics Ltd. to work together over the next 30 days to finalise a Proposed Joint Venture (PJV) to establish a new Company, (“JV Company”). The JV Company will develop a service platform using blockchain technology.
  • Whilst the terms of the agreement remain confidential, the key terms underlying the establishment of the JV Company are as follows;
  • GTG and Swisstec will each hold 50% of the fully paid ordinary shares on issue on incorporation, the board of directors will comprise of 2 directors nominated by each party and GTG will receive an equity stake in Swisstec of up to 20%.
  • PJV establishment is intended to be executed no later than mid July.

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