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Genetic Technologies Faces Shareholder Revolt as It Mulls Strategic Alternatives

NEW YORK (GenomeWeb) – Australian molecular diagnostics firm Genetic Technologies said today that it has identified potential opportunities as part of its review of strategic alternatives, but that an effort by a group of shareholders to oust the company's management may impact this process.

In August, Genetic Technologies announced that it had begun a review of its business and was considering strategic alternatives including a possible merger or sale of its assets. As part of that, Roth Capital Partners was hired to explore opportunities and has now identified parties with significant interest in the company and its assets, the firm said.

However, Genetic Technologies said today that it has received a notice from a group of investors calling for a shareholder meeting and the removal of three executive directors including CEO Eutillio Buccilli. As a result, "there can be no assurance as to whether or not any transaction arising out of the Roth strategic review will take place, the structure of any such potential transaction, or the ultimate timing," the firm said. "In part, this may depend upon the results of the shareholder meeting to be convened to consider the change in the company's board composition."

The Melbourne-based firm didn't say when it expects to hold the shareholder meeting.

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