Genetic Diagnostics Technologies Corp.

Genetic Diagnostics Technologies Corp.

November 02, 2006 16:26 ET

Genetic Diagnostics Technologies Corp. Announces Release of Audited Annual Financial Statements For Year Ended June 30, 2006, Change of Auditors and Resignation of Stephen C. Johnston

TORONTO, ONTARIO--(CCNMatthews - Nov. 2, 2006) -

(Not for dissemination in the United States of America.)

Genetic Diagnostics Technologies Corp. (the "Company") (TSX VENTURE:GDD) announces the release on October 30, 2006 of its audited annual financial statements and management's discussion and analysis, together with Form 52-109F1 Certification of Annual Filings - CEO / CFO, for its financial year ended June 30, 2006. The foregoing documents may be viewed on SEDAR at

(All currency amounts herein are in U.S. dollars.) Net loss for the year ended June 30, 2006 was $1,211,446 (or $0.072 per share) compared to $794,011 (or $0.076 per share) reported for the six-month period ending June 30, 2005.

Consolidated Financial Results Summary

For the For the
year ended period ended
June 30, 2006 June 30, 2005

Amortization of license (652,944) (326,472)
General and administrative and
other expenses (558,502) (467,539)
--------- ---------

Loss before income taxes (1,211,446) (794,011)
Income taxes - -
Net loss (1,211,446) (794,011)
----------- ---------
Basic and diluted loss per share $ (0.072) $ (0.076)

The Company further announces a change of its auditors effective as of September 29, 2006. Mintz & Partners LLP, Chartered Accountants, of North York, Ontario ("Mintz"), has replaced BDO Dunwoody LLP, Chartered Accountants, of Toronto, Ontario, as the Company's auditors. Pursuant to National Instrument 51-102 Continuous Disclosure Obligations, documents relating to this change may be viewed on SEDAR. Renewal of the appointment of Mintz as the Company's auditors is anticipated to occur at the upcoming annual and special meeting of shareholders of the Company, which is expected to be held on December 4, 2006 or shortly thereafter; documentation relating to which will be filed on SEDAR shortly.

The Board of Directors of the Company has accepted the resignation of Stephen C. Johnston as Chairman, President and Chief Executive Officer of the Company and of its wholly-owned subsidiary, Genetic Diagnostics Inc. ("GDI"), effective as of October 31, 2006. Mr. Johnston will remain as a director of the Company and of GDI. The Board of Directors of the Company wishes to thank Mr. Johnston for his leadership during his tenure.

The Board of Directors of the Company is pleased to announce the appointment of David G. Speck, a current director of the Company, as the interim Chairman, President and Chief Executive Officer of both the Company and GDI, to fill the vacancies created by Mr. Johnston's resignation. Mr. Speck has over 20 years' investment industry experience, having managed investment portfolios for both retail and institutional accounts as well as having held senior management roles in some of Canada's well-known retail brokerage firms. Mr. Speck became a Fellow of the Canadian Securities Institute (FCSI) in 1986, and completed his Chartered Financial Analyst's (CFA) degree in 1994.

About the Company

The principal business activity of the Company currently consists of owning and operating its wholly-owned subsidiary, GDI, which is a development-stage DNA diagnostics company, based in Toronto, Ontario, that has licensed and continues to further develop a diagnostic platform with a view to commercializing same in Canada and the United States.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Genetic Diagnostics Technologies Corp.
    David G. Speck
    President and CEO
    (416) 368-8464