Warnex to Sell Its Analytical Services Division
(firmenpresse) - LAVAL, QUEBEC -- (Marketwire) -- 12/20/11 -- Warnex Inc. (TSX: WNX) ("Warnex") announces that it has entered into a binding agreement with a private company to sell its wholly-owned Analytical Services division, which provides pharmaceutical and biotechnology companies with a variety of quality control services, including chemistry, chromatography, microbiology, method development and validation, and stability studies. Closing of this transaction will take place upon the execution of definitive documentation, which is expected to occur on or about January 15, 2012 (the "Closing Date").
In consideration of the sale of the Analytical Services division, Warnex will receive (i) $400,000 in cash, (ii) a cash payment equal to the working capital of the division on the Closing Date, estimated to be approximately $700,000, (iii) a 15% passive equity interest in the Purchaser and (iv) other valuable consideration.
Following the completion of this transaction, all of the operations of the Analytical Services division will be centralized at Warnex's Neopharm Blainville facility, with Warnex's lease obligations for that portion of such facility currently occupied by the division being assumed by the purchaser. Warnex will provide certain transitional services to the purchaser in order to ensure the orderly transfer of this division. The purchaser has stated its intention to significantly enhance the current operations of the Analytical Services division.
Warnex intends to use the proceeds from this transaction to further reduce its long-term debt and for working capital purposes.
"This transaction is consistent with our strategic plan and the commitment we made to reduce long-term debt. It also allows us to retain substantial upside in the Analytical Services business that we pioneered," said Michael Singer, Chairman of the Executive Committee of the Board of Directors. "The sale of our Analytical Services division serves as another important step in the process of improving our balance sheet and positioning the Company and its stakeholders for future success."
About Warnex
Warnex () is a life sciences company which specializes in bioequivalence and bioavailability studies for clinical trials at its facilities located in Laval, 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, including the risk that the sale of the Analytical Services division might not occur on the terms and conditions described in this news release, or at all. 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 . Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements.
Contacts:
Michael Singer
Chairman of the Executive Committee
of the Board of Directors, Warnex Inc.
(514) 940-3610
Catherine Sartoros
Communications Specialist
Warnex Inc.
(450) 663-6724 x 277
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Datum: 20.12.2011 - 06:00 Uhr
Sprache: Deutsch
News-ID 1067520
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Biotech
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