Toronto, OntarioNovember 19, 2012SQI Diagnostics Inc. (TSX-V: SQD),
a life sciences company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics, today announced that it has established a Special Committee to review possible strategic transactions, determine appropriate responses, as well as other options available to optimize benefits to the Corporation and its stakeholders. The Special Committee was appointed to review interest from a number of parties relating to a possible merger or sale of the Company. The Company intends to continue to actively explore these and other alternatives, including strategic alliances. The Company’s research and development activities, regulatory processes related to its diagnostic product pipeline, commercial operations and business development activities including the growth of its Diagnostics Tools and Services business will continue during this process.
The Board of Directors has appointed a Special Committee consisting of the Chairman and two other independent directors to oversee the process. The U.S. based investment banking firm Cantor Fitzgerald is assisting the Company in this process.
There can be no assurance that this process will result in any specific action or transaction. The Company does not undertake any obligation to update this information.
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics. The Company’s proprietary microarray tests and fully-automated systems are designed to simplify protein and antibody testing workflow, increase throughput, reduce costs and provide excellent data quality. For more information, please visit www.sqidiagnostics.com.
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This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “believe”, “in the process”, “benefits”, “leading to”, “possible” “is subject to” and other similar expressions which constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to: the ability of our patents to adequately protect our rights or permit us to gain or keep any competitive advantage; our ability to market and sell our novel multiplexing technologies and detection platforms; our ability to maintain any technical or product advantages; our ability to continue to market and sell our products; potential supply problems or price fluctuations with sole source or other third-party suppliers on which SQI is dependent; SQI’s ability to increase customer orders and manufacturing volumes; adverse changes in general economic conditions; impact of healthcare reform legislation; and, SQI’s ability to raise additional funds in the future on acceptable terms or at all. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’s ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
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