Warnex Sells its Pathogen Detection Business to AES Laboratoire
Kirchner and Company, Inc. acted as M&A Advisor and Agent to Warnex Inc. Laval, QC – 5 July 2007 – Warnex Inc. (TSX: WNX) today announced that it has sold the assets of its pathogen detection business to AES Laboratoire, a leading French manufacturer and supplier of laboratory equipment based in Bruz, France. The transfer…
Kirchner and Company, Inc. acted as M&A Advisor and Agent to Warnex Inc.
Laval, QC – 5 July 2007 – Warnex Inc. (TSX: WNX) today announced that it has sold the assets of its pathogen detection business to AES Laboratoire, a leading French manufacturer and supplier of laboratory equipment based in Bruz, France. The transfer of assets was effective as of June 28, 2007.
“The sale of these assets is part of Warnex’s previously announced strategy to divest of the pathogen detection business and to focus on laboratory services,” said Mark Busgang, President and CEO of Warnex. “We believe that we have developed a robust, state-of-the-art technology and that this business will be an optimal fit for AES Laboratoire. Warnex will assist in the smooth transition of clients to AES Laboratoire in order to provide uninterrupted service to customers.”
Warnex sold the assets related to its pathogen detection technology from its subsidiaries Warnex Research Inc. and Warnex Diagnostics Inc. for the total price of $900,000 in cash, one third to be paid on closing and one third to be paid on each of the first and second anniversary dates of the closing. Kirchner & Company, Inc., a U.S.-based investment banking firm, acted as agent in this sale. As part of this agreement, Warnex will rent to AES Laboratoire 4,340 square feet of production facilities and laboratory space for a period of up to two years.
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’s analytical services division provides pharmaceutical and biotechnology companies with a variety of quality control services, including traditional chemistry, chromatography, microbiology, method development and validation, and stability studies. Warnex’s bioanalytical services division specializes in bioequivalence and bioavailability studies for clinical trials. Warnex’s medical laboratories division focuses on genetic and biochemical testing for the healthcare industry and has extensive expertise in genetic testing for human identification, molecular diagnostics, and pharmacogenetics.
About AES Laboratoire
The AES Laboratoire Group is the first manufacturer having developed since 1980 a full line of tools for microbiology laboratories, from sample collection to results. It is one of the rare companies that can supply customers with a complete range of products and services by creating, producing and distributing tests, scientific equipments, automates and software for the analysis of contaminants. The group has gained a proven experience in mastering different technologies like flow- and laser scanning-cytometry, molecular biology, culture media or metrology and serves a number of key industries including: food & pharmaceutical manufacturing, cosmetics & personal care products, semiconductor, water, veterinary/livestock production, environmental and clinical. The group is growing on an international basis through a worldwide distributor network.
About Kirchner and Company
Kirchner and Company, Inc. is a boutique investment banking firm known for its operational approach and longstanding record of successful transactions. The firm’s partners, located throughout North America, have extensive backgrounds running private and public companies and are experts in identifying hidden value. The company offers small and mid-sized companies one-stop shopping for highly-specialized corporate finance services, including mergers and acquisition, assessments, and advisory. Clients have seamless access to associated services through Kirchner Private Capital Group. The Group unites specialties in investment management, transition management, and investment banking. For more information contact: Andy Agrawal at email@example.com or visit our websites: www.kirchnerandco.com and www.kirchnerpcg.com.
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 the early commercialization of Warnex products, intellectual property and licensing, R&D of new Warnex products, integration of acquisitions, manufacturing and laboratory facilities, suppliers, key employees, key customers and business partners, financial resources and credit risk, government regulations, foreign currency risk, volatility of share price, strategic alternatives for the pathogen detection division, 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 the Management’s Discussion and Analysis for the first quarter ended March 31, 2007, which can be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.