Vensearch Capital Corp.
TSX VENTURE : VNS.P

June 24, 2005 18:56 ET

Vensearch Capital Corp. Shareholders Approve Qualifying Transaction Involving Genetic Diagnostics Inc.

TORONTO, ONTARIO--(CCNMatthews - June 24, 2005) -

(Not for dissemination in the United States of America)

Vensearch Capital Corp. ("Vensearch" or the "Corporation") (TSX VENTURE:VNS.P) and Genetic Diagnostics Inc. ("Genetic Diagnostics") are pleased to announce that the shareholders of Vensearch approved the Corporation's proposed Qualifying Transaction, involving a business combination (the "Business Combination") with Genetic Diagnostics. The Business Combination was also approved by the shareholders of Genetic Diagnostics.

The Business Combination will constitute a Qualifying Transaction of Vensearch as defined in Policy 2.4 of the TSX Venture Exchange Inc. ("TSX Venture") Corporate Finance Manual. Pursuant to the Business Combination, among other things, Genetic Diagnostics will amalgamate with a wholly-owned subsidiary of Vensearch.

The completion of the Business Combination is subject to the approval of TSX Venture and all other necessary regulatory approval. Closing of the Business Combination is expected to occur on June 27, 2005.

Genetic Diagnostics, 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. For more information regarding Genetic Diagnostics contact Stephen Johnston, the President of Genetic Diagnostics, at 416-360-3469 or go to www.dna3.com.

Vensearch Capital Corp. is a capital pool company listed on TSX Venture.

As indicated above, completion of the Business Combination is subject to a number of conditions, including but not limited to, TSX Venture acceptance. The Business Combination cannot close until the required approvals are obtained. There can be no assurance that the Business Combination will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Information Circular of Vensearch in connection with the Business Combination, any information released or received with respect to the Business Combination may not be accurate or complete and should not be relied upon. Trading in the securities of Vensearch should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Business Combination and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Vensearch Capital Corp.
    Jeffrey Dawson
    Chief Financial Officer
    1-877-932-8858