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Warnex Closes Acquisition of Molecular World

NEW YORK (GenomeWeb News) - Warnex said today that it has completed its acquisition of forensic DNA testing lab Molecular World.

Under the terms of the agreement, announced in late May, Warnex provided 2 million of its shares and assumed around C$350,000 of debt.

Warnex shares were trading at C$.165 on the Toronto Stock Exchange today, placing the value of the deal at around C$680,000 (US$608,000).

Warnex said that Molecular World is the only private laboratory in Canada that provides STR, Y-STR, miniSTR, and mitochondrial DNA testing services for forensic and parentage testing.

Molecular World posted annual revenue of C$544,000 in its last fiscal year, while Warnex's 2008 revenues were C$25.8 million.

Molecular World will operate as a subsidiary of Warnex and will remain in its current facilities in Thunder Bay, Ontario.

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