Gtech International to merge with Simavita Holdings

Genetic Technologies’ (ASX: GTG) Canadian-listed subsidiary, Gtech International Resources (Gtech), has executed a merger agreement with Sydney-based company Simavita Holdings.

The merger agreement will involve Gtech offering to acquire 100% of the outstanding shares of Simavita. The shareholders of both companies will need to back the merger before it goes ahead. The purchase price for the acquisition of Simavita will be paid for via the issue of shares in Gtech.

Simavita is an unlisted public company focused on developing solutions for the management of incontinence. The first system it has developed is SIM, an automated continence assessment system that facilitates the development of a continence care plan tailored to the specific needs of an individual.

Gtech currently trades on the NEX board of the Toronto Stock Exchange. It currently holds all of its assets as cash deposits.

Genetic Technologies currently holds a 75.82% direct equity interest in Gtech.

“We are extremely pleased that Gtech has entered into a transaction that will see all of its shareholders, including GTG, benefit from the planned expansion of the exciting Simavita business into the huge North American market and beyond,” said GTG CEO Alison Mew.

GTG shares were trading unchanged at $0.085 as of 11 am on Tuesday.