Warnex Inc.

NEX BOARD : WNX
TSX VENTURE : WNX.H


Warnex Inc.

June 27, 2013 16:05 ET

Warnex Announces the Re-Election of Directors and Status of Ongoing Strategic Review

LAVAL, QUEBEC--(Marketwired - June 27, 2013) - Warnex Inc. (TSX VENTURE:WNX.H)(NEX:WNX) ("Warnex" or the "Company") is pleased to report that at its annual meeting of shareholders held on June 27, 2013 (the "Shareholders' Meeting"), each of the current directors of Warnex, namely Messrs. Michael Singer, Sean Karamchandani and Joseph Walewicz, was re-elected for another term. Each of the directors received over 93% of the votes cast in favour of his re-election. Warnex is also pleased to report that at the Shareholders' Meeting the current auditors of the Company, Nexia Friedman, Chartered Accountants, were also re-appointed for another term.

Warnex also reports that its Board of Directors continues to evaluate strategic options for the Company following the closing of the sale of its last operational division, Bioanalytical Services. "To date, certain opportunities which have been evaluated have not advanced to completion, while others continue to form part of our ongoing evaluation process," remarked Michael Singer, Chairman of the Company. "We will continue to explore the strategic alternatives available to Warnex, which include, but are not limited to, liquidating the Company and distributing any remaining assets to shareholders. Further announcements in this regard will be made as warranted."

Michael Singer further remarked that "as disclosed on May 29, 2013, Warnex's financial position remains in good health and the significant cost containment measures completed during the first quarter of 2013 have positioned us to continue to carefully and thoughtfully evaluate all identified opportunities in advance of making a final recommendation to shareholders without placing excessive pressures on our existing working capital. We look forward to reaching a conclusion and eventual recommendation to Warnex shareholders pursuant to the ongoing strategic review."

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release regarding the ongoing strategic review and future plans for Warnex are forward-looking and are subject to numerous risks and uncertainties, known and unknown. In addition to the various risks and uncertainties set out in the Risk and Uncertainties section of Warnex's Management's Discussion and Analysis, which can be found under Warnex's profile at www.sedar.com, the timing, nature and impact of any course of action that management of Warnex may determine to carry out with respect to the remaining assets of the Company is uncertain at this time.

Neither NEX nor its Regulation Services Provider (as that term is defined in policies of the NEX) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Michael Singer
    Chairman of the Board of Directors
    Warnex Inc.
    (450) 663-6724 (ext 311)
    info@warnex.com