Laval, Québec-based Warnex Inc., a provider of laboratory services to companies in life sciences sectors, has completed the previously announced sale of its bioanalytical services division to privately owned French research firm Biotrial Research S.A.S. The transaction provided a partial exit to Persistance Capital Partners, a Canadian private equity investor focusing on opportunities in the healthcare field.
Warnex Completes the Sale of its Bioanalytical Services Division and Implements the Consolidation of its Common Shares
LAVAL, QUEBEC–(Marketwire – Dec. 11, 2012) – Warnex Inc. (TSX VENTURE:WNX) (“Warnex” or the “Corporation”) is pleased to report that it has successfully completed the previously announced sale (the “Transaction”) of its Bioanalytical Services division to Biotrial Research S.A.S., a privately-owned contract research organization headquartered in Rennes, 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 of the Corporation held on December 10, 2012 (the “Shareholders’ Meeting”).
“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 of the Corporation. “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 (the “Common Shares”) is expected to be transferred from the TSX Venture Exchange to the NEX. Further details with respect to the transfer of the Common Shares to the NEX will be announced by the Corporation in due course.
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