LAVAL, QUEBEC--(Marketwire - Aug. 18, 2011) - Warnex Inc. (TSX:WNX)("Warnex") is pleased to announce that it has closed its previously announced debenture restructuring which has resulted in the extension of the maturity date and the modification of various other terms of its outstanding debentures. In connection with the closing of the transaction, the debenture holders have also agreed to postpone until September 30, 2011 the payment of the interest on the outstanding debentures that has accrued from April 1, 2011 to June 30, 2011.
Also as previously disclosed, although Persistence Capital Partners LP is a related party to Warnex, Warnex was exempt from the valuation and minority approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, as a result of the application of the financial hardship exemption of MI 61-101 to the transaction. As well, the Toronto Stock Exchange ("TSX") exempted Warnex from obtaining shareholder approval in connection with the transaction on the basis of the TSX's financial hardship exemption.
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.