GeneLink Signs Settlement Agreement with LAB 21
December 3, 2003
Margate, NJ – (Business Wire) – December 3, 2003 – GeneLink BioSciences, Inc. (OTCBB:GNLK).
GeneLink settled the lawsuit it filed against LAB21 in the United
States District Court for the District of New Jersey whereby the
Court issued a Preliminary Injunction enjoining LAB21 from using
any confidential information it learned from GeneLink during a collaborative
effort to test market a DNA face cream based on GeneLink’s
Proprietary SNP profiling methodology
LAB21 has consented to the entry of a Consent Order that dismisses
the action but provides that the current injunction is binding and
enforceable against LAB21 for five (5) years, until March 24, 2008.
The case was settled for an undisclosed amount.
GeneLink’s CEO, John R. DePhillipo, says “We are very
pleased that GeneLink prevailed in this very important case. This
settlement protects GeneLink’s Proprietary SNP genetic profiling
methodology”.
GeneLink BioSciences, Inc. (www.genelink.info),
since 1994, developed the World's First Family Centered DNA Bank
and Hereditary Genetic Information Service. With recent breakthroughs,
GeneLink is a pioneer and leading provider of DNA tests created
to facilitate “genetically guided” health, beauty and
wellness products. The company both markets and licenses its proprietary
tests to the $1.4 trillion cosmetics, nutritional supplement and
healthcare industries. For more information about GeneLink, visit
its Web site at www.genelink.info. For
more information on GeneLink’s Dermagenetics™ Assessments,
see the article “Designer Cosmetics” in the Business
Journal, March 25, 2002 (80(12) p.16-21 or or
visit here.
Forward-Looking Statements: This news release contains certain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, which provides a new "safe harbor" for
these types of statements.
SOURCE: GeneLink BioSciences, Inc.
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