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GeneNews announces 2007 year end results
Date:3/26/2008

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in Canadian dollars)

Years ended December 31

2007 2006

$ $

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OPERATING ACTIVITIES

Net and comprehensive loss for the year (9,634,045) (8,935,673)

Add items not involving cash

Stock-based compensation 478,172 728,383

Loss on disposal of property, plant

and equipment 15,587 -

Amortization of property, plant and equipment 504,762 389,639

Amortization of intellectual property 442,148 442,147

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(8,193,376) (7,375,504)

Changes in non-cash working capital balances

related to operations

Accounts receivable (1,446,927) 1,221,077

Investment tax credits recoverable (241,299) 458,022

Prepaid expenses and deposits 172,905 (320,104)

Accounts payable and accrued liabilities (122,202) 891,518

Deferred revenue 1,605,676 (2,134,361)

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Cash used in operating activities (8,225,223) (7,259,352)

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FINANCING ACTIVITIES

Net proceeds from share issue 56,521 23,896,716

Net proceeds from disposal of property,

plant and equipment 364
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SOURCE GeneNews Limited
Copyright©2008 PR Newswire.
All rights reserved

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