LAVAL, QUEBEC--(Marketwire - Feb. 14, 2012) - Warnex Inc. (TSX:WNX.TO - News) ("Warnex") announces that it is no longer proceeding with the previously announced sale of its Analytical Services division due to the failure of its prospective purchaser to perform its obligations as contemplated by the binding agreement entered into between the parties. Warnex is evaluating all legal recourses available to it in this matter.
Warnex further announces that the President of its Bioanalytical Services division, Dr. Michael Mancini, will also assume the leadership of the Analytical Services division. In this role, Dr. Mancini will oversee the division's operations and make recommendations to the Executive Committee of the Board of Directors on the performance and operation of the division. Dr. Mancini has a deep understanding of the Analytical Services division, having previously served as its President from 2000 to 2007.
"I am very confident that Dr. Mancini will be able to guide our Analytical Services division through this transition and maintain the division's long history of providing the highest standard of quality control services that our customers have come to expect," stated Michael Singer, the Chairman of the Executive Committee of the Board of Directors of Warnex. "Warnex remains committed to exploring strategic options for this division that are in the best interest of its employees, customers and other stakeholders."
Warnex also announces that it is continuing to address the listing of its common shares. The Toronto Stock Exchange (the "TSX") has extended to February 27, 2012 the date for the delisting of Warnex from the TSX in order to allow Warnex to ensure an orderly transition to an alternative exchange. Further information in this regard will be provided in due course.
Warnex (www.warnex.ca) is a life sciences company devoted to protecting public health by providing laboratory services to the pharmaceutical sector. Warnex Analytical Services provides pharmaceutical and biotechnology companies with a variety of quality control services, including chemistry, chromatography, microbiology, method development and validation, and stability studies. Warnex Bioanalytical Services specializes in bioequivalence and bioavailability studies for clinical trials. Warnex has two facilities located in Laval and Blainville, Quebec.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For further information identifying known risks and uncertainties, relating to financial resources, liquidity risk, key customers and business partners, credit risk, foreign currency risk, government regulations, laboratory facilities, volatility of share price, employees, suppliers, and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Warnex's most recent Management's Discussion and Analysis, which can be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.