MonoGen, Inc.
TSX : MOG

MonoGen, Inc.

March 09, 2007 09:23 ET

MonoGen Enters into Agreements to Consolidate Operations

MONTREAL, QUEBEC--(CCNMatthews - March 9, 2007) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES.

MonoGen, Inc. ("Corporation")(TSX:MOG) today announced that it is has entered into the agreements required to implement the previously announced consolidation of its operations into new facilities in the Greater Chicago area and the repatriation of the manufacturing rights of its MonoPrep Processor. As consideration for the execution of the agreements, the Corporation issued 600,000 common share purchase warrants to corporations controlled by Siegfried Weiler, its largest shareholder. The warrants have a five-year term with an exercise price of US$1.19.

Effective April 1, 2007, MonoGen's operational headquarters will be located in a 39,000 sq. ft. facility at 616 Heathrow Drive, Lincolnshire, IL. Also, the Corporation anticipates moving its manufacturing and shipping operations into a 27,000 sq. ft. facility in Waukegan, IL later this year.

With operational headquarters in the United States (Greater Chicago area), MonoGen is a medical device company developing an integrated suite of fully automated devices (the SAVANT LABORATORY SYSTEM™) for anatomic and molecular pathology laboratories. The SAVANT LABORATORY SYSTEM™ is being designed to automate processes performed by clinical laboratories to reduce their costs, increase throughput, and improve the quality and consistency of results.

The common shares of the Corporation are listed for trading on the Toronto Stock Exchange under the trading symbol "MOG".

Forward-Looking Statements

This press release is not for distribution in the United States.

This press release contains statements that are forward-looking in nature. Statements preceded by the words believe, expect, anticipate, plan, intend, continue, estimate, may, will, and similar expressions are forward-looking statements.

Forward-looking statements are based on the Corporation's beliefs and assumptions based on information available at the time the assumption was made. Forward-looking statements relate to, among other things, anticipated financial performance, business prospects, strategies, regulatory developments, new services, market forces, commitments and technological developments, relating to the Corporation. By its nature, such forward-looking information is subject to various risks and uncertainties which could cause the Corporation's actual results and experience to differ materially from the anticipated results or other expectations expressed. Those risks and uncertainties include, but are not limited to MonoGen's ability to raise additional capital, MonoGen's ability to execute its business plan while maintaining at all times its various regulatory approvals, the performance of its strategic partners including the performance of Cardinal Health in the commercialization of the Corporation's products in the marketplace and the competitive response from existing and potential competitors. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this document, and the Corporation undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • MonoGen, Inc.
    Mr. Andre Denis
    Executive Chairman and Interim Chief Financial Officer
    (514) 286-0999, ext. 224
    (514) 286-3777 (FAX)
    Email: adenis@monogen.com