OXBOW Equities Corp.

OXBOW Equities Corp.

October 31, 2006 16:15 ET

Oxbow Closes the Acquisition of MonoGen, Inc./Changes its Name to MonoGen, Inc. and TSX Trading Symbol to "MOG"

MONTREAL, QUEBEC--(CCNMatthews - Oct. 31, 2006) - Not for Distribution in the United States

Oxbow Equities Corp. (TSX:XBO) (the "Corporation") today announced that it has closed the previously announced acquisition of its investee company MonoGen, Inc. ("MonoGen") to become a "pure play" medical device and diagnostic company. In addition, the Corporation announced that it will change its name to MonoGen, Inc. effective November 1, 2006 and the Corporation's shares will trade under the "MOG" symbol on the TSX starting on or before Monday, November 6, 2006.

The total number of shares issued and outstanding following the closing of the transaction is approximately 136.8 million shares and 164.5 million shares on a fully diluted basis. The shareholders of the Corporation have approved at a recent Special Meeting an eventual common share consolidation in the range of 1-for-10 to 1-for-15 to be implemented at any time until September 30, 2007.

Furthermore, the Corporation today announced the appointment of the following officers: Andre Denis, former President and CEO, as Executive Chairman and interim Chief Financial Officer; Dr. Norman J. Pressman, former President and Chief Executive Officer of MonoGen, as CEO, President and Chief Scientific Officer of the Corporation; and Mr. Ted Geiselman as Senior Vice President and Chief Operating Officer of MonoGen.

On October 11, 2006, the shareholders of the Corporation appointed a Board of directors comprised of Messrs. Andre Denis, Laurence Hootnick, Marc Lalonde, David F. Phillips, Norman J. Pressman, Siegfried Weiler and Edward C. Wood.

Based in the United States (Greater Chicago area), MonoGen is a medical device and diagnostics company developing and commercializing 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 aid clinical laboratories by reducing their costs, simplifying workflow operations through reliable automation and improving the quality and consistency of the laboratory results.

The common shares of Corporation will continue to be listed for trading on the Toronto Stock Exchange under the trading symbol "XBO" until a change in for the symbol for "MOG" anticipated to occur on or before November 6, 2006.

Forward-Looking Statements

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

This news release includes forward-looking statements. All 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. 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, the ability of the Corporation to continue as a going concern by raising additional capital before, the Corporation's ability to execute its business plan while maintaining at all times its various regulatory approvals, the performance of its strategic partners in the manufacture and the commercialization of its products in the market place, its ability to generate positive cash flows from operations and the competitive response from existing and potential competitors of the Corporation. 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 news release, 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.

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