LAVAL, QUEBEC--(Marketwire - Nov. 29, 2011) - Warnex Inc. (TSX:WNX) ("Warnex") is pleased to announce that effective November 25, 2011, it closed the previously announced transactions to: (i) extend the maturity date of its convertible debentures that matured on November 8, 2011 to January 31, 2012 and modify the interest rate of such debentures from 12% to 18% per annum beginning as of November 8, 2011; (ii) obtain $600,000 in new financing through the issuance to Persistence Capital Partners LP ("PCP") of a new 18% convertible debenture that matures on February 29, 2012 and warrants to acquire up to 7,500,000 common shares of Warnex that may be exercised until November 25, 2014; and (iii) modify various terms, and waive certain provisions, of a credit support agreement pursuant to which PCP is guaranteeing Warnex's obligations under its banking facilities. The principal terms and conditions of these transactions were described in a news release of Warnex issued on November 18, 2011.
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.