Chromos announces shareholder approval of Arrangement



    NORTH VANCOUVER, BC, Sept. 9 /CNW/ - Chromos Molecular Systems Inc.
("Chromos" or the "Company") announced today that, at an annual and special
meeting held today, its shareholders approved the previously announced plan of
arrangement (the "Arrangement") involving, among others, Chromos, Calyx
Bio-Ventures Inc. ("Calyx"), a wholly-owned subsidiary of Chromos, and
Modatech Systems Inc. ("Modatech") under section 288 of the Business
Corporations Act (British Columbia).
    Upon completion of the Arrangement, Calyx will be the holder of all of
the assets, property and undertaking of Chromos, together with additional cash
of $2.35 million (before taking into account certain expenses relating to the
transaction), and will be responsible for all of Chromos' obligations up to
the effective time of the Arrangement. Furthermore, among other things, the
shareholders of Chromos will hold all of the issued and outstanding shares of
Calyx and all of the Class A voting preferred shares of an entity to be formed
by the amalgamation of Modatech and 0828688 B.C. Ltd., a corporation which is
currently a wholly-owned subsidiary of Chromos. Such shares will be entitled
to an annual cumulative dividend of 6% per year of the retraction price and
are retractable by the holder at any time after August 31, 2013 at a price of
$0.056401 per share, for an aggregate retraction price of $500,000 to the
shareholders of Chromos, plus dividends accrued up to such date.
    The special resolution approving the Arrangement was approved by
approximately 99.83% of the votes cast by holders of common shares. Final
voting results will be made available on SEDAR at www.sedar.com.
    The Arrangement remains subject to court and customary regulatory
approvals and the hearing in respect of the final order to approve the
Arrangement is currently scheduled to take place on September 11, 2008, with
completion of the transaction anticipated to be on or about September 18,
2008.

    Forward-Looking Statements

    Certain statements in this news release may contain "forward-looking
statements" or "forward-looking information" within the meaning of applicable
securities legislation Often, but not always, forward-looking statements or
information can be identified by the use of words such as "plans", "expects"
or "does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or "believes"
or variations of such words and phrases or words and phrases that state or
indicate that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Such forward-looking
statements or information include, without limitation, statements or
information about the timing and success of application to obtain approvals
required with respect to the Arrangement. With respect to forward-looking
statements and information contained herein, we have made numerous
assumptions. Although our management believes that the assumptions made and
the expectations represented by such statements or information are reasonable,
there can be no assurance that a forward-looking statement or information
herein will prove to be accurate. Forward-looking statements and information
by their nature are based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include amongst others the risks
and uncertainties involved in satisfying the conditions to close the
Arrangement. Should one or more of these risks and uncertainties materialize,
or should the underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements and information.
    Although we have attempted to identify factors that may cause actual
actions, events or results to differ materially from those described in
forward-looking statements and information, there may be other factors that
cause actual results, performances, achievements or events to not be as
anticipated, estimated or intended. Also, many of the factors are beyond our
control. As actual results and future events could differ materially from
those anticipated in such statements and information, readers should not place
undue reliance on forward-looking statements or information. Except as may be
required by law, we undertake no obligation to publicly update or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise. All forward-looking statements and
information made herein are qualified by this cautionary statement.





For further information:

For further information: Roger Flowerdew, CA, CEO and President, (604)
985-7100, Email: rflowerdew@chromos.com

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CHROMOS MOLECULAR SYSTEMS INC.

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