Genesis Research posts $500K annual loss
Genesis Research and Development has posted an annual loss of $500,000.
Genesis Research and Development has posted an annual loss of $500,000.
Genesis Research and Development has posted an annual loss of $500,000, an improvement on its $2 million loss in 2010 after operations were suspended by the company in May that year.
On December 31 last year, Genesis had $100,000 in cash left, which was down from $300,000 a year earlier.
Chief executive of Genesis Research and Development, Stephen Hall, said the company has been reviewing a number of potential investment transactions.
“Unfortunately, most of the projects were considered unsuitable or the terms on which they were available were not satisfactory,” said Mr Hall.
However, on January 12 this year, the company announced a memorandum of understanding to merge with Australia-based Mariposa Health, an unlisted pubic pharmaceutical development company.
Subject to various conditions including due diligence and regulatory approvals, the effective backdoor listing for Mariposa will result in Genesis issuing around 200 million new shares to Mariposa’s owners.
Genesis currently has 45.5 million shares, which last traded at 2 cents, the bottom of its year range valuing it at $900,000, whereas the largest peak in shares was only 6 cents.
Genesis’ existing shareholders will retain the right to 50% of any proceeds from any sale of Genesis’ interest in Real Time Genomic, which occurs within the next five year, provided they remain Genesis shareholders.