|By Marketwired .||
|June 24, 2013 05:15 AM EDT||
MELBOURNE, AUSTRALIA -- (Marketwired) -- 06/24/13 -- Genetic Technologies Limited (ASX: GTG) (NASDAQ: GENE) is pleased to announce that it has now settled its dispute with Bioscientia Institute for Medical Diagnostics, based in Ingelheim, Germany, and accordingly, the law suit filed by GTG against Bioscientia, which was reported to ASX on March 19, 2013, will now be withdrawn.
As is typical under such circumstances, the precise commercial terms of the Settlement Agreement reached with Bioscientia are covered by formal confidentiality provisions and cannot be disclosed.
About Genetic Technologies Limited
Genetic Technologies was an early pioneer in recognizing important new applications for "non-coding" DNA (Deoxyribonucleic Acid). The Company has since been granted patents in 24 countries around the world, securing intellectual property rights for particular uses of non-coding DNA in genetic analysis and gene mapping across all genes in all species. Its business strategy is the global commercialization of its patents through an active out-licensing program and the global expansion of its oncology and cancer management diagnostics portfolio. Genetic Technologies is an ASX and NASDAQ listed company with operations in the USA and Australia. For more information, please visit www.gtglabs.com.
Safe Harbor Statement
Any statements in this press release that relate to the Company's expectations are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act. The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees. Since this information may involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. Additional risks associated with Genetic Technologies' business can be found in its periodic filings with the SEC.
FOR FURTHER INFORMATION PLEASE CONTACT
Dr. Mervyn Jacobson
VP, Global Licensing and Intellectual Property
Genetic Technologies Limited
Phone: +61 419 657 915