LAVAL, QUEBEC--(Marketwire - Sept. 20, 2010) - Warnex Inc. (TSX:WNX) ("Warnex") confirmed today that Persistence Capital Partners LP ("PCP"), a leading Canadian private equity firm focused exclusively on investments in high-growth opportunities in the healthcare field, has acquired by way of a private agreement with SGF Soquia Inc. 10,738,750 common shares of Warnex, representing approximately 16% of the issued and outstanding shares of Warnex, and $1.5 million principal amount of convertible debentures.
"We are excited about PCP's decision to become a significant stakeholder of Warnex," said Mark Busgang, President and CEO of Warnex. "We are also pleased that SGF has remained a significant shareholder of Warnex with approximately 8% of all issued and outstanding shares. Following their initial investment in 2002, SGF has been a faithful and solid partner to Warnex and has been instrumental in helping us contribute to the economic growth in our sector."
As part of this transaction, the shareholder agreement between Busgang Investments Inc., a company controlled by Mark Busgang, President and Chief Executive Officer of Warnex, and SGF Soquia Inc., entered into on July 10, 2002, has been terminated.
Warnex (www.warnex.ca) is a life sciences company devoted to protecting public health by providing laboratory services to the pharmaceutical and healthcare sectors. 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 Medical Laboratories provides specialized testing for the healthcare industry as well as pharmaceutical and central laboratory services. Warnex PRO-DNA Services offers DNA identification tests for paternity, maternity and other family relationships, as well as for immigration and forensic testing purposes. Warnex has three facilities located in Laval and Blainville, Quebec, and Thunder Bay, Ontario.
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 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.