CORRECTION FROM SOURCE: Sernova Announces Closing of Non-Brokered Private Placement

LONDON, ONTARIO--(Marketwire - Sept. 1, 2011) - The following corrects and replaces the release sent on Sept. 1st at 6 AM EST. The first paragraph, should read "Sernova Corp. ("Sernova" or the "Company") (TSX VENTURE:SVA) is pleased to announce the closing of a non-brokered private placement of 1,510,002 units of the Company ("Units") at a price of $0.19 per Unit for gross proceeds of approximately $286,900 (the "Offering")" instead of 1,291,580. The complete release follows:

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sernova Corp. ("Sernova" or the "Company") (TSX VENTURE:SVA) is pleased to announce the closing of a non-brokered private placement of 1,510,002 units of the Company ("Units") at a price of $0.19 per Unit for gross proceeds of approximately $286,900 (the "Offering"). Together with the approximate $1,014,200 raised in the offering that closed on June 24, 2011, this summer Sernova has closed a total of approximately $1,301,100.

Each Unit consists of one common share of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one Share for a period of two years, at a price of $0.20 per Share in the first year and at a price of $0.35 per Share in the second year.

In connection with the Offering, the Company issued 90,410 finder's warrants ("Finder's Warrants") and approximately $17,178 was paid to a finder. Each Finder's Warrant entitles the holder thereof to purchase one Share at a price of $0.19 per Share for a period of 18 months from closing of the Offering.

The proceeds from the Offering will be used by Sernova for further development of the Cell Pouch™ for safety and efficacy evaluation in diabetic patients receiving donor islets. Proceeds will also be used in part for potential university and corporate collaborations, additional preclinical studies and general and administrative activities.

All securities issued under the private placement will be subject to a four month hold period, expiring January 1, 2012, during which time the securities may not be traded. The Offering is subject to acceptance by the TSX Venture Exchange.

About Sernova

Sernova Corp. is a Canadian-based, health-sciences company focused on commercializing medical technologies. Sernova is currently developing a platform technology for a number of serious disease indications, starting with a novel treatment for insulin-dependent diabetes, using the novel Cell Pouch System™ and its patented Sertolin™ cell technology.

Forward Looking Information This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Sernova believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Sernova's management on the date such statements were made. Sernova expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.