LAVAL, QUEBEC--(Marketwire -11/29/11)- Warnex Inc. (TSX: WNX.TO - News) ("Warnex") announces that Mr. Mark Busgang has resigned as President and Chief Executive Officer and as a director of Warnex. The former responsibilities of Mr. Busgang will be assumed by the remaining senior officers of Warnex with oversight from the newly created Executive Committee (the "Executive Committee") of the Board of Directors (the "Board") of Warnex. Mr. Busgang has agreed to serve as a consultant to Warnex for a period of up to one year in order to ensure the orderly transition of his responsibilities.
As previously announced on November 18, 2011, the Board has established an Executive Committee comprised of independent directors to oversee and make recommendations to the Board regarding the review of Warnex's strategic alternatives with a view to recognizing the full value of Warnex and/or its assets (the "Strategic Review"). The Executive Committee is chaired by Mr. Michael Singer, who currently serves as the Chief Financial Officer of Thallion Pharmaceuticals Inc., for which Mr. Singer's primary responsibilities shall continue. Other members of the Executive Committee include Messrs. Richard Laferriere, Michel Lassonde and Marc Lebel. There is no defined timeline for the Strategic Review and Warnex does not intend to disclose developments with respect to the Strategic Review process unless and until the Board has approved a definitive transaction or other course of action or otherwise deems that disclosure of developments is appropriate. There can be no assurance that any transaction will occur, or if a transaction is undertaken, as to its terms or timing.
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.
Chairman of the Executive Committee of the Board of Director
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