Warnex in Negotiations to Extend Maturity Date of all its Outstanding Debentures and to Obtain Additional Financing
(firmenpresse) - LAVAL, QUEBEC -- (Marketwire) -- 11/10/11 -- Warnex Inc. (TSX: WNX) ("Warnex") announced today that it is currently in advanced negotiations to extend the maturity date of all of its outstanding convertible debentures (the "Existing Debentures") that have become due, and to obtain additional financing to cover current operating expenses as well as certain disbursements.
Warnex is not in a financial position to pay the principal and interest due on the Existing Debentures, all of which matured on November 8, 2011, and accordingly, is negotiating with the holders of the Existing Debentures to extend the maturity date and modify various other terms of the Existing Debentures. Warnex is also negotiating with Persistence Capital Partners ("PCP"), Warnex's largest shareholder and one of the holders of the Existing Debentures, to obtain additional financing, as well as to modify various terms, and waive certain provisions, of an existing credit support agreement pursuant to which PCP guarantees Warnex's obligations under its existing banking facilities.
Warnex shall issue a further press release following any material developments in the negotiations.
About Warnex
Warnex () is a life sciences Corporation 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 . Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.
Contacts:
Mark J. Busgang
President & CEO
Warnex Inc.
(450) 663-6724 x 310
Catherine Sartoros
Communications Specialist
Warnex Inc.
(450) 663-6724 x 277
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Datum: 10.11.2011 - 06:00 Uhr
Sprache: Deutsch
News-ID 1055665
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LAVAL, QUEBEC
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Kategorie:
Biotech
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