LAVAL, QUEBEC--(Marketwire -04/16/12)- Warnex Inc. (TSX: WNX.TO - News) ("Warnex") announces that Persistence Capital Partners LP ("PCP"), the holder of its outstanding debentures (the "Debentures"), has agreed to extend until April 19, 2012, the date by which Warnex must repay the approximately $960,000 owing under the Debentures. PCP has granted this extension to Warnex in recognition of the fact that Warnex is well advanced in its process of securing a new credit facility which will provide it with the funds necessary to repay the Debentures and to support future working capital requirements. However, while Warnex is well advanced in this process, no assurances can be given that Warnex will be successful in this regard.
As previously announced, the Toronto Stock Exchange ("TSX") had advised Warnex that its common shares would be delisted on April 16, 2012 as a result of Warnex's failure to meet the continued listing requirements of the TSX. In light of the recent developments described above, the TSX has agreed to extend the date of such delisting to the close of business on April 23, 2012. In anticipation of such delisting, Warnex has been actively engaged with the TSX Venture Exchange (the "TSXV") in an effort to transfer the listing of its common shares to the TSXV or to the NEX trading board of the TSXV. Warnex expects to be able to provide further information in this regard in the upcoming days.
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.
- TSX Venture Exchange
Chairman of the Executive Committee
of the Board of Directors