The greyhound racing industry has been rocked with news that the publicly listed Genetic Technologies (GTG) has bought out John Newell’s New South Wales based Frozen Puppies Dot Com.
GTG, which is listed on the ASX and Nasdaq, has agreed to pay cash and stock worth $1.4 million for Frozen Puppies Dot Com, a Central Coast business that specialises in the collection, freezing, exchange and insemination of canine sperm, but which had its’ foundation in Dr Newell’s expertise within the greyhound industry and the demand for frozen semen.
The business has since expanded from the breeding of greyhounds to other pure-breeds in Australia and overseas, and GTG hopes to expand the business into Asia, along with its own specialities.
GTG specialises in DNA testing for humans, often involved in crime detective work, and the genetic testing of animals for parentage, pedigree, traits and disease susceptibility. It also tests plants for traits and disease susceptibility.
GTG will issue some $1.25 million of shares to the five founding shareholders of Frozen Puppies, along with $153,000 in cash.
GTG boss Michael Ohanessian said the synergies between his genetic research company and dog reproduction were irresistible.
“Frozen Puppies serves the same customer base that we do for our canine genetic testing business and for essentially the same purpose – greyhound and pedigree dog breeders who are trying to improve their breeding outcomes,” Ohanessian said.
GTG shares are currently trading up .01 cent to .86 cents.