There is a hip belt, but there is no sternum strap.
But MEC will take over the Serratus design copyrights, and probably make a cheaper Genie overseas.
I like Genies. Pretty much no frills super light daypack, stuff it into a little ball and carry it in a overnight pack, weighs nothing to carry up a route too. I accessorized mine with some bungi cord, ice axe holders and gear loops on the waistbelt.