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Warnex to Acquire Molecular World for $629K

NEW YORK (GenomeWeb News) – Warnex said yesterday that it has signed an agreement in principle to acquire a DNA identification lab called Molecular World for 2 million of its common shares and the assumption of around C$350,000.

Based on Warnex's closing price of C$.175 on the Toronto Stock Exchange yesterday, the deal is valued at roughly C$700,000 (US$629,000).

"The acquisition of Molecular World will expand Warnex's DNA identification services, particularly in the forensic testing field, and provide us with a unique expertise," Mark Busgang, president and CEO of Laval, Quebec-based Warnex, said in a statement. "Molecular World is the only private laboratory in Canada providing STR, Y-STR, miniSTR, and mitochondrial DNA testing services for forensic and parentage testing purposes."

Thunder Bay, Ontario-based Molecular World had revenues of C$544,000 in its last fiscal year. Warnex said that the lab would operate as a subsidiary and remain in its current facilities.

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