Warnex has sold the assets of its pathogen detection business to AES Laboratoire, a French manufacturer and supplier of laboratory equipment based in Bruz, France
The transfer of assets was effective as of 28 June 2007.
"The sale of these assets is part of Warnex's previously announced strategy to divest of the pathogen detection business and to focus on laboratory services," said Mark Busgang, president and CEO of Warnex.
"We believe that we have developed a robust, state-of-the-art technology and that this business will be an optimal fit for AES Laboratoire.
"Warnex will assist in the smooth transition of clients to AES Laboratoire in order to provide uninterrupted service to customers".
Warnex sold the assets related to its pathogen detection technology from its subsidiaries Warnex Research and Warnex Diagnostics for the total price of US$900,000 in cash, one third to be paid on closing and one third to be paid on each of the first and second anniversary dates of the closing.
Kirchner, a US-based investment banking firm, acted as agent in this sale.
As part of this agreement, Warnex will rent to AES Laboratoire 4,340 square feet of production facilities and laboratory space for a period of up to two years.
