SQI Diagnostics Inc. Raises Additional CDN$1.66 Million Under Private Placement

    TORONTO, Jan. 21 /CNW/ - SQI Diagnostics Inc. (TSX-Venture: SQD) (the
"Company"), a medical systems automation company focused on evolving
laboratory-based biomarker testing, announced today that it has raised gross
proceeds of CDN$1,664,375 in the second tranche of a previously announced
non-brokered private placement. The total gross proceeds raised by the Company
under the private placement are CDN$4,664,375.
    Under the second tranche of the private placement, the Company issued
1,331,500 common shares at a price of $1.25 per common share. The common
shares issued pursuant to the second tranche of the private placement are
subject to a four-month hold period which expires on May 22, 2009.
    On December 19, 2008, the Company announced a non-brokered private
placement agreement to issue up to 4,000,000 common shares in the capital of
the Company for total gross proceeds of CDN$5,000,000 subject to regulatory
approval. Under the first tranche of the private placement, which closed on
December 23, 2008, the Company issued 2.4 million common shares at a price of
$1.25 per common share for total gross proceeds of CDN$3,000,000.
    Proceeds from the private placement will be used by the Company to
advance the commercialization of additional autoimmune multiplexed assays; to
manufacture automated SQiDworks(TM) platforms to satisfy potential customer
demand; and to focus on sales and marketing initiatives in North America.
    The Company paid a finder's fee to an arm's-length party in respect to
the second tranche of the private placement, satisfied by the issuance of
106,520 whole warrants at a strike price of $1.25, expiring on January 21,
2011, and a cash payment of CDN$133,150.
    The closing of the private placement and the payment of a finder's fee
are subject to final regulatory approval.

    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 and quantitative patient results in less time, significantly
reduce labor, and increase profits...All in One Drop. For more information
please visit www.sqidiagnostics.com

    This press release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the U.S. Securities Act or any
state securities laws and may not be offered or sold within the United States
unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
    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
    This release was prepared by management of the Company who takes full
responsibility for its contents. The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this news

    %SEDAR: 00021000E

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, The Equicom Group, (416) 815-0700 ext. 225,

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