Warnex's board of directors has concluded that at the present time, the option which provides the most value for its shareholders is the continued operation of its laboratory services business
Warnex has finalised its review of various strategic options for its ongoing laboratory services business following an announcement made in April 2007.
It has ended this review process and has terminated the mandates of the independent committee of the board of directors and GMP Securities.
The company will focus on maximising the profitability of its analytical, bioanalytical and medical laboratory divisions, on their continued growth as well as on the refinancing and restructuring of its debt instruments.
"The board of directors believes in the continued success of Warnex's laboratory-based services," said Richard Laferriere, chairman of the board of directors.
"After having undergone a comprehensive analysis of the current options, the board believes that the best avenue to generate value for Warnex's shareholders lies in the continued profitable growth of Warnex's operations".
"2007 has been a year of many changes for Warnex, with the divestiture of our pathogen detection business and our increased focus on the laboratory services sector," said Mark Busgang, president and CEO.
"We are currently negotiating the refinancing of our debt instruments and we have confidence that our balance sheet will be more stable in the near future.
"We are dedicated to offering quality services to our customers and to continue to grow our analytical, bioanalytical and medical laboratories business both organically and through acquisitions."
