WNX Warnex

Warnex Inc. (TSX VENTURE:WNX) ("Warnex" or the "Company") is pleased to announce
the refinancing of its operations, with its principal shareholder, Persistence
Capital Partners LP ("PCP"), assuming the role of the Company's main lender.


Refinancing of Operations 

Warnex has entered into an agreement with PCP in order to replace its existing
credit facility with Accord Financial Inc. ("Accord"). Though only recently
established, the Company believes that this facility has proven to be
insufficiently adaptable to the needs of its business, with its growing base of
customers. Therefore, the Company has immediately implemented a new secured
facility with PCP. This new facility, which has been approved by the TSX Venture
Exchange, permits a maximum availability of $1,250,000, bears interest at the
rate of 19.75% (subject to a minimum annual interest payment guarantee of
$185,000) and provides Warnex with substantially greater operational flexibility
than is available under the Accord facility. 


The Company has determined that the terms of this new credit facility are
commensurate with those available from arm's length lenders and is therefore
relying upon an available exemption from the requirement under applicable
securities laws to obtain minority shareholder approval in connection with its
implementation.


"We are pleased to be able to extend this credit to Warnex in order to provide a
needed level of stability and certainty to Warnex and its clients," said Lloyd
M. Segal, Managing Partner at PCP. "PCP believes in the great value provided by
Warnex Bioanalytical to its industry-leading customers, and we look forward to
helping the management team get back to focussing solely on executing the
business plan." 


"Warnex appreciates the continued and long-term support of PCP that now provides
the financial stability necessary for us to concentrate exclusively on our core
Bioanalytical Services business, which remains the sole focus of Warnex under
the excellent leadership of Dr. Michael Mancini," stated Michael Singer,
Chairman of the Board of Directors.


Change to the Board of Directors

Warnex also announces that Mattie Chinks has advised the Board that he is
stepping down as a director of Warnex. Warnex thanks Mr. Chinks for his four
years of loyal service to the Company. Discussions are ongoing regarding the
filling of the several vacancies that currently exist on Warnex's Board, and all
nominees will be subject to Warnex's normal governance review process.


About Warnex

Warnex (www.warnex.ca) is a life sciences company which, operating out of
facilities located in Laval, Quebec, specializes in bioequivalence and
bioavailability studies for clinical trials. 


CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release are forward-looking and are
subject to numerous risks and uncertainties, known and unknown. For further
information identifying known risks and uncertainties, relating to financial
resources, liquidity risk, key customers and business partners, credit risk,
foreign currency risk, government regulations, laboratory facilities, volatility
of share price, employees, suppliers, and other important factors that could
cause actual results to differ materially from those anticipated in the
forward-looking statements, please refer to the heading Risks and Uncertainties
in Warnex's most recent Management's Discussion and Analysis, which can be found
at www.sedar.com. Consequently, actual results may differ materially from the
anticipated results expressed in these forward-looking statements.

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