Warnex Inc.

Warnex Inc.

May 28, 2007 09:33 ET

Warnex engages GMP Securities L.P. as advisor

LAVAL, QC, May 28 - Warnex Inc. (TSX: WNX) today announced that is
has engaged GMP Securities L.P., an institutional investment dealer with
locations across Canada, to act as advisor in its previously announced review
of strategic options.

The Company announced on April 24, 2007, that is has initiated a review
of various strategic options for its ongoing laboratory services business in
order to enhance shareholder value. These options include, but are not limited
to, partnerships, mergers or the sale of the Company.

Warnex provides no assurance that the initiation of a process to explore
strategic options will result in a transaction. No decision has been made to
enter into any transaction at this time and no timetable has been set for the
completion of this process. The Company does not currently intend to disclose
developments with respect to the exploration of strategic options unless and
until its Board of Directors has approved a specific transaction.

About GMP Securities L.P.

GMP Securities L.P. is a leading independent Canadian investment dealer
focused on investment banking and institutional equities for corporate clients
and institutional investors. GMP Securities L.P. can be found on the web at
gmpsecurities.com.

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 traditional 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.

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 the early
commercialization of Warnex products, intellectual property and licensing, R&D
of new Warnex products, integration of acquisitions, manufacturing and
laboratory facilities, suppliers, key employees, key customers and business
partners, financial resources and credit risk, government regulations, foreign
currency risk, volatility of share price, strategic alternatives for the
pathogen detection division, 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 the Management's Discussion and Analysis for the first
quarter ended March 31, 2007, which can be found at www.sedar.com.
Consequently, actual results may differ materially from the anticipated
results expressed in these forward-looking statements.

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