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Genetic Technologies Invited to Establish a Market Presence in Hainan, ChinaMELBOURNE, Australia, Sept. 17, 2018 (GLOBE NEWSWIRE) -- Hainan Resort Software Community(“HRSC”) has on behalf of Hainan Ecological Smart City Group (“HESCG”) formally extended an invitation to Genetic Technologies Limited (“GTG”) to establish its planned market entry into China via the Hainan Free Trade Zone initiative. As previously reported to the market on 21 August 2018, participants in the Hainan Medical Pilot Zone gain access to the Chinese healthcare market with an estimated value in excess of US$800B. Companies approved to operate in China as part of the Hainan Free Trade Zone Initiative can take advantage of significant tax benefits, subsidies and investment. HRSC will also support GTG’s market entry through the provision of services including;
The formal invitation follows on from a recent visit to Hainan by GTG’s CEO, Dr Paul Kasian and representatives from Beijing Zishan Health Consultancy Limited (“Zishan”), with whom GTG has signed a Heads of Agreement (as announced to the market on 14 August 2018). Dr Paul Kasian, Genetic Technologies’ Chairman commented: “The invitation is a significant first step to advance the adoption of genetic risk assessment tests in the region. We are grateful for the support we have received from HRSC and its commitment to continue to work with GTG to enable a successful outcome in China.”
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company embracing blockchain technologies across Genomic testing platforms. GTG offers cancer predictive testing and assessment tools to help physicians proactively manage patient health. The Company’s lead product, BREVAGenplus®, is a clinically validated risk assessment test for non-hereditary breast cancer and is first in its class. For more information, please visit www.brevagenplus.com and www.phenogensciences.com. Genetic Technologies is developing a pipeline of risk assessment products including a novel colorectal cancer (CRC) test. For more information, please visit www.gtgcorporate.com About Beijing Zishan Health Consultancy Ltd 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. |