SIDEX

SIDEX
Woodruff Capital Management Inc.

May 10, 2005 18:28 ET

SIDEX: Announcement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SIDEX

AND WOODRUFF CAPITAL MANAGEMENT INC.

MAY 10, 2005 - 18:28 ET

SIDEX: Announcement

MONTREAL, QUEBEC--(CCNMatthews - May 10, 2005) - SIDEX, Limited
Partnership subscribed, as of May 6, 2005, to 200,000 units of Woodruff
Capital Management Inc. at $0.75 per Unit for an aggregate consideration
of $150,000. Each Unit consists of one common share of the share capital
of Woodruff and one common share purchase warrant. Each warrant will
entitle the holder to purchase one additional common share at a price of
$1.10 per share for a period of two years following the closing date of
the private placement. The Units and shares issued upon exercise of the
warrants will have a hold period of four months from the closing date
(i.e., September 7, 2005).

As a result of the subscription, SIDEX holds 932,231 shares (9.24%) of
Woodruff's outstanding common shares and 969,231 warrants. Assuming the
exercise of the warrants, SIDEX would hold approximately 18.86% of
Woodruff's common shares.

SIDEX's subscription in Woodruff has been made for investment purposes
only and not for the purpose of influencing the control or direction of
Woodruff. SIDEX may, subject to market conditions, make additional
investments in or dispositions of securities of Woodruff. SIDEX does
not, however, intend to acquire 20% of the outstanding voting or equity
securities of Woodruff.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    SIDEX
    Michel Champagne
    General Manager
    (514) 383-2612