Genetic Technologies Formalises Strategic Alliance with Blockchain Global

Genetic Technologies (ASX:GTG; NASDAQ:GENE) has announced it has entered into a framework agreement with Blockchain Global Limited ACN 601 628  497.

As quoted in the press release:

The Agreement formalises the non-binding terms sheet that was entered into between GTG and BCG on 2 February 2018, which outlined a proposed strategic alliance between the parties with respect to the provision of a suite of blockchain opportunities to GTG to leverage off GTG’s existing genetics testing platform, existing CLIA approved laboratory and long history in genomics, along with BCG’s extensive blockchain experience, with the proposed issue of 486,000,000 shares to BCG in 3 tranches subject to the achievement of certain milestones.

The Agreement clearly articulates the process by which a BCG alliance opportunity once introduced, will be considered and reviewed by GTG to qualify for the award of milestone shares. The Framework Agreement will only become binding upon GTG obtaining shareholder approval (by non-associated GTG shareholders).

Since announcing the strategic alliance in February 2018, GTG has through the relationship with BCG initiated agreements with Project Shivom and more recently Swisstec Health Analytics, both of which will seek to unlock opportunities that combine genetic screening capabilities with blockchain technology to promote better health outcomes for people around the world.  GTG has also established a dedicated blockchain functional team to actively engage with stakeholders as well as evaluate and pursue the opportunities that are presented.

Click here to read the full press release.