Warnex Inc.

Warnex Inc.

June 12, 2009 11:23 ET

Warnex Concludes Acquisition of Molecular World Inc.

LAVAL, QUEBEC--(Marketwire - June 12, 2009) - Warnex Inc. (TSX:WNX) announced today that it has concluded the acquisition of all of the issued and outstanding shares of Molecular World Inc., a laboratory located in Thunder Bay, Ontario, specialized in human DNA identification including forensic DNA testing, following an agreement in principle announced on May 27, 2009.

The purchase price was paid by the issuance of 2,000,000 common shares of Warnex. Through the acquisition of this new subsidiary, Warnex also assumed approximately $350,000 of debt.

Molecular World (www.molecularworldinc.com) is the only private laboratory in Canada providing STR, Y-STR, miniSTR, and mitochondrial DNA testing services for forensic and parentage testing purposes. Mitochondrial DNA testing is crucial in cases where nuclear DNA testing is not possible such as shed hairs at crime scenes, identification of missing persons (skeletal remains with degraded DNA), and when there is insufficient nuclear DNA. Molecular World has the state-of-the-art facilities and is accredited by the Standards Council of Canada (SCC) as a DNA testing laboratory for forensics, parentage and other familial relationships.

Molecular World had annual revenue of $544,000 in its last fiscal year. It will operate as a subsidiary of Warnex and will remain in its current facilities in Thunder Bay.

About Warnex

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's analytical services division provides pharmaceutical and biotechnology companies with a variety of quality control services, including chemistry, chromatography, microbiology, method development and validation, and stability studies. Warnex's bioanalytical services division specializes in bioequivalence and bioavailability studies for clinical trials. Warnex's medical laboratories division focuses on genetic and biochemical testing for the healthcare industry and has extensive expertise in genetic testing for human identification, molecular diagnostics, and pharmacogenetics.


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, government regulations, laboratory facilities, suppliers, employees, key customers and business partners, foreign currency risk, credit risk, liquidity risk, volatility of share price, 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.

Contact Information