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Genetic Technologies Corrects Nasdaq Non-Compliance by Naming Director

NEW YORK (GenomeWeb News) — Genetic Technologies today said it has corrected its “brief non-compliance” with the Nasdaq exchange by appointing a director and audit committee chairman.
 
The firm appointed David Carruthers, who formerly was CFO and European regional CEO for BP Finance, and was managing director of the Treasury Corporation of Victoria, Australia.
 
Carruthers also serves on the audit committee for Ceramic Fuel Cells and is a non-executive director for India Equities Fund.
 
Nasdaq's rule specifies that listed companies must maintain an audit board of at least three members who fit certain specifications, and maintains that at least one member of that board must have an acceptable background in accounting or finance.
 
Genetic Technologies said on Jan. 12 that it was not in compliance with this requirement.

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