12:03 PM EST - Warnex Inc. : announced that it has entered into a binding agreement with a private company to sell its wholly-owned Analytical Services division, which provides pharmaceutical and biotechnology companies with a variety of quality control services, including chemistry, chromatography, microbiology, method development and validation, and stability studies. Closing of this transaction will take place upon the execution of definitive documentation, which is expected to occur on or about January 15, 2012. In consideration of the sale of the Analytical Services division, Warnex will receive (i) $400,000 in cash, (ii) a cash payment equal to the working capital of the division on the Closing Date, estimated to be approximately $700,000, (iii) a 15% passive equity interest in the Purchaser and (iv) other valuable consideration. Warnex Inc.
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