SQI Diagnostics Closes $6.6 Million Private Placement

/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/

TORONTO, Dec. 4 /CNW/ - SQI Diagnostics Inc. (TSX-V: SQD), a medical systems company focused on evolving laboratory-based biomarker testing, today announced that it closed its previously announced, brokered private placement (the "Private Placement") for gross proceeds of $6,594,786.

The Private Placement consists of 2,398,104 units of the Company (the "Units") at a price of $2.75 per Unit. Each Unit is comprised of one common share of the Company (a "Common Share") and one-half Common Share purchase warrant. Each whole warrant will entitle the holder to purchase one additional Common Share at a price of $4.00 for a two-year period from the date of closing, expiring December 4, 2011.

Dundee Securities Corporation acted as lead placement agent on the private placement; Kingsdale Capital Markets Inc. acted as co-agent.

SQI intends to use the net proceeds from the Private Placement primarily towards the commercialization of its IgXplex assay and platform development pipeline, working capital for SQiDworks platform placements for new customers, expansion of sales and marketing, and general working capital.

About SQI Diagnostics

SQI Diagnostics is a medical systems company that develops proprietary technology in multiplexing, miniaturization and automation. SQI provides laboratories the ability to simultaneously analyze multiple biomarkers, deliver accurate patient results in less time, significantly reduce labour, and increase profits...All in One Drop. For more information please visit www.sqidiagnostics.com.

Certain information in this press release is based on beliefs and assumptions of the Company's senior management and information currently available to it that may constitute forward-looking information within the meaning of securities laws. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    
    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    

SOURCE SQI Diagnostics Inc.

For further information: For further information: Chief Financial Officer, Andrew Morris, (416) 674-9500 ext. 229, amorris@sqidiagnostics.com; Media and Investor Relations, Adam Peeler, (416) 815-0700 ext. 225, apeeler@equicomgroup.com


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