Warnex Inc.
TSX : WNX

Warnex Inc.

November 26, 2010 17:01 ET

Notice: Correction to Warnex's Third Quarter 2010 Financial Statements and MD&A

LAVAL, QUEBEC--(Marketwire - Nov. 26, 2010) - Warnex Inc. (TSX:WNX) announced today that it has made a correction to a non material error in its third quarter 2010 financial statements and management's discussion and analysis (MD&A) as filed on SEDAR on November 11, 2010. The error occurred during the transcription of the numbers.

In the MD&A for the quarter ended September 30, 2010, the error appears on page 4 in the table describing selling and administrative expenses as well as in the subsequent paragraph. The original number reported for selling and administrative expenses was $1,626,886 and should have been $1,615,748. The reported number for the variance was $302,953 and should have been $291,815. The original number reported for total expenses listed for the table was $1,432,016 and should have been $1,420,878 and the original number reported for variance was $(118,954) and should have been $(130,092).

In the Interim Consolidated Statements of Earnings and Comprehensive Income for the quarter ended September 30, 2010, the original number reported for selling, general and administrative expenses was $1,626,886 and should have been $1,615,748. The original number reported for total operating expenses was $1,432,016 and should have been $1,420,878. The original number reported for the loss before under noted item and income tax was $(134,394) and should have been $(123,256).

This error did not affect net earnings and comprehensive income for the quarter and net loss for the nine-month period ended September 30, 2010.

Amended financial statements and MD&A have been filed on SEDAR.

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 Analytical Services provides pharmaceutical and biotechnology companies with a variety of quality control services, including chemistry, chromatography, microbiology, method development and validation, and stability studies. Warnex Bioanalytical Services specializes in bioequivalence and bioavailability studies for clinical trials. Warnex Medical Laboratories provides specialized testing for the healthcare industry as well as pharmaceutical and central laboratory services. Warnex PRO-DNA Services offers DNA identification tests for paternity, maternity and other family relationships, as well as for immigration and forensic testing purposes. Warnex has three facilities located in Laval and Blainville, Quebec, and Thunder Bay, Ontario.

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

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