Genetic Diagnostics Technologies Corp.
TSX VENTURE : GDD

Genetic Diagnostics Technologies Corp.

November 18, 2005 19:17 ET

Genetic Diagnostics Technologies Corp.(Formerly Vensearch Capital Corp.)Releases June 30, 2005 Year End Financial Statements

TORONTO, ONTARIO--(CCNMatthews - Nov. 18, 2005) -

Not for dissemination in the United States of America

Genetic Diagnostics Technologies Corp. (TSX VENTURE:GDD) (the "Company") released today its audited financial statements for its year ended June 30, 2005.

Net loss for the year ended June 30, 2005 was $200,220 or $0.020 basic and diluted loss per share. This compares to net loss of $28,767 or $0.003 basic and diluted earnings per share for the year ended June 30, 2004. During the year the Company earned interest of $36,183 on its term deposits and incurred general, administrative and other expenses related to its proposed Qualifying Transaction totaling $236,403.

The Company's expenses in the year ended June 30, 3005 are higher than comparative periods in 2004 because it has been incurring higher legal and other costs related to its proposed Qualifying Transaction since it entered into a letter of intent in September 2004.



Discussion of Operations and Financial Condition

Overview of Income Statement Information
----------------------------------------
Year Ended Year Ended
June 30, 2005 June 30, 2004

Summary Income Statement Information

Interest Revenue $ 36,183 $ 34,749
Expenses paid or payable in cash ( 236,403) ( 19,416)
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($ 200,220) $ 15,333
Imputed compensation expense of
stock options granted to officers
and directors $ - $ 38,500
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Loss before income taxes ($ 200,220) ($ 23,167)
Income taxes - ($ 5,600)
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Net Loss ($ 200,220) ($ 28,767)
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Basic and diluted income (loss)
per share ($ 0.020) $ 0.003
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Summary of Cash Flow Information
Cash from operations ($ 98,689) ($ 1,629)
Cost of acquiring an interest in
Genetic Diagnostics Inc. ( 100) -
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Cash from issuing shares net of
share issue costs 82,500 614,219
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Increase (decrease) in cash ($ 16,289) $ 612,590
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GENETIC DIAGNOSTICS TECHNOLOGIES CORP.
RELEASES JUNE 30, 2005
YEAR END FINANCIAL STATEMENTS

June 30, 2005 June 30, 2004
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Summary of Balance Sheet Information
Assets
Cash and Term Deposit $ 1,763,898 $ 1,780,187
Interest Receivable 25,298 25,360
Investment in Genetic Diagnostics Inc. 8,586,800 -
$ 10,375,996 $ 1,805,547
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Liabilities
Accounts Payable $ 109,867 $ 8,398
Future Income Tax 267,000 -
Shareholders' Equity 9,999,129 1,797,149
$ 10,375,996 $ 1,805,547
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The Company's June 30, 2005 financial statements may be viewed on SEDAR at www.sedar.com

On August 31, 2005, the Company announced that, subject to the receipt of all necessary regulatory approval and the approval of the shareholders of Genetic Diagnostics Inc. ("GDI"), GDI and the Company have entered into a letter agreement pursuant to which certain elements of the exchange transaction with the shareholders of GDI have been modified. It is anticipated that this will be completed before the end of the calendar year.

About Genetic Diagnostics

The Company, based in Toronto, is a development stage DNA diagnostics company that has licensed and continues to further develop a revolutionary diagnostic platform that it intends to commercialize in Canada and the United States.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to, market acceptance of principal products, the impact of competitive products and technologies, the possibility of products infringing patents and other intellectual property of fourth parties, and costs of product development. Neither Genetic Diagnostics nor GDI will update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Genetic Diagnostics and GDI.

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

Contact Information

  • Genetic Diagnostics Technologies Corp.
    Stephen Johnston
    President
    (416) 360-3469
    Website: www.dna3.com