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Warnex completes sale of bioanalytical services to CRO Biotrial

Monday, December 17, 2012 11:06 AM

Warnex, a life sciences company, has successfully completed the sale of its bioanalytical services division to Biotrial Research, a privately-owned CRO headquartered in France.

A special resolution approving the transaction was adopted with the support of over 96.3% of the votes cast by shareholders at the annual and special meeting of shareholders held on December 10, 2012.

"With the completion of this transaction, the board will explore possible strategic alternatives for Warnex's remaining assets, which consist primarily of cash and receivables, for the benefit of all our shareholders," said Michael Singer, chairman of the board of directors, Warnex. "We expect to quickly identify opportunities, if any, which may range from a possible wind-up of Warnex and cash distribution to shareholders to a variety of possible mergers and acquisitions alternatives. We will report back to our shareholders as expeditiously as possible."

As a result of the closing of the transaction, the listing of Warnex's common shares is expected to be transferred from the TSX Venture Exchange to the NEX. Further details will be announced by Warnex at a later date.

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