Genetic Technologies Executes Settlement and Release Agreement with Genesis Genetics Institute, LLC
In compliance with ASX Continuous Disclosure Rules, Genetic Technologies Limited (NASDAQ: GENE) is pleased to report it has now executed a Settlement and Release Agreement with Genesis Genetics Institute, LLC of Detroit, Michigan, USA.
In late 2012, GTG reported that it had filed suit against Genesis Genetics Institute, LLC in the United States District Court for the Eastern District of Michigan, Southern Division, under its Assertion program in USA. Given the Parties have now reached a final settlement, such legal action against Genesis Genetics Institute, LLC will now be dismissed.
The precise commercial terms of the Agreement with Genesis Genetics Institute, LLC are covered by formal confidentiality provisions and cannot be disclosed. This settlement was achieved as a result of GTG's continuing patent monetization efforts in the US and other jurisdictions.
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