March 28, 2012
Warnex Debentures in Default
Laval, Quebec, March 28, 2012 - Warnex Inc. (TSX:WNX) ("Warnex") announces that it has received a formal notice of default from the holder of its outstanding debentures requiring that the full repayment of all amounts owing there under, being approximately CDN$882,095, be made by Warnex by no later than April 3, 2012. As previously announced, Warnex is in the process of setting up a one-year operating line of credit of up to CDN$2,000,000 with a financial institution which is to be used to repay its outstanding debentures and support working capital and general corporate purposes; however, no assurances can be given that Warnex will be successful in putting in place such operating line of credit. Warnex will continue to explore all of the options available to it in light of its receipt of such notice of default and its anticipated new credit facilities.
Warnex (www.warnex.ca) is a life sciences company devoted to protecting public health by providing laboratory services to the pharmaceutical sector. 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 has two facilities located in Laval and Blainville, Quebec.
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 further 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.
For more information, please contact:
Chairman of the Executive Committee
of the Board of Directors, Warnex Inc.
Tel: (514) 940-3610