GeneNews Announces Change in Auditor

TORONTO, March 7, 2017 /CNW/ - GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") announced today that its board of directors (the "Board") has approved a change of the Company's auditor. The Board has accepted the resignation of Ernst & Young LLP ("EY") as GeneNews' auditor effective as of today and is in the final stages of engaging a middle market, U.S.-based independent registered public accounting firm.

James R Howard-Tripp, GeneNews' Chairman & CEO, commented, "We would like to extend our sincere thanks for all of the hard work, dedication and expertise provided by the team at EY over these past years. However, given our exclusive focus on marketing our portfolio of early cancer diagnostic tests in the United States, and our desire to maximize our available financial resources, it is appropriate we find an auditor more suited to our size and needs."

GeneNews advises that there were no reservations in the Auditor's Reports in respect to the Company's financial statements for the two most recently completed fiscal years and there were no "reportable events" (as defined in National Instrument 51-102 — Continuous Disclosure Obligations) between the Company and EY.

The Notice of Change of Auditor, together with the required letters from EY, will be filed on SEDAR.

Despite the change of auditors, GeneNews anticipates that the filing of its annual financial statements, management's discussion and analysis, annual information form and the related officer certifications for the financial year ended December 31, 2016 will take place on or before the filing deadline of March 30, 2017.

About GeneNews

GeneNews is committed to becoming a leader in advanced diagnostics and personalized medicine, serving as a strong commercialization outlet for early detection of cancer and other chronic diseases. Our mission is to identify, assess and make commercially available a comprehensive menu of diagnostics that provide physicians and patients with personalized clinical intelligence and actionable information to improve health out-comes through the early diagnosis of disease.  Our Richmond, Virginia-based Innovative Diagnostics Laboratory clinical reference lab specializes in traditional and advanced clinical evidence-based blood testing that helps find, understand, and address cancer risk in patient populations. Currently, IDL offers risk assessment blood tests for the three most prevalent cancer types - colon, lung and prostate. GeneNews' common shares trade on the Toronto Stock Exchange under the symbol 'GEN'. More information on GeneNews can be found at www.GeneNews.com.

Forward-Looking Statements

This press release contains forward-looking statements identified by words such as "expects", "will" and similar expressions, which reflect the Company's current expectations regarding future events, including its engagement of a middle market, U.S.-based independent registered public accounting firm. The forward-looking statements involve risks and uncertainties that could cause the Company's actual events to differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law. 

SOURCE GeneNews Limited

For further information: Company Contact: James R. Howard-Tripp, Chairman & CEO, Office: (905) 209-2030, jhoward-tripp@genenews.com; Investor & Media Contact: Stephen Kilmer, Office: (212) 618-6347, Mobile: (647) 872-4849, stephen@kilmerlucas.com

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http://www.genenews.com/

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