TORONTO, March 11, 2016 /CNW/ - SQI Diagnostics Inc. (TSX-V: SQD; OTCQX: SQIDF), a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics ("SQI"), today announced that it intends to extend the expiry of 8,400,000 outstanding common share purchase warrants ("the Warrants") of the Company, which were issued in connection with the Company's April 2014 public offering of units of the Company. The extension of the warrants was approved by members of the Board of Directors who are independent of this series of warrants. The extension is subject to approval from the TSX Venture Exchange.
Each Warrant currently entitles the holder thereof to purchase one common share of the Company at any time until the close of business on April 10, 2016 at an exercise price of $0.65 per common shares. The Warrants will be amended, effective March 11, 2016, to extend the term of such Warrants until April 10, 2019. In addition, at any time prior to the amended expiry date, should the 20-day trailing average price exceed $0.85, warrant holders shall have 30 calendar days to exercise this series of warrants and any unexercised warrants shall expire thereafter. All other provisions of the Warrants will remain the same.
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that develops clinical grade multiplexed microarray and molecular assays run on its automated instrumentation for the pharmaceutical research, animal health, and clinical diagnostics markets. SQI develops custom research and diagnostic assays that are multiplexed; meaning the simplification, consolidation and automation of many individual tests into one. This increases sample throughput, reduces time, cost and chance for human error, and provides excellent data quality. For more information, please visit sqidiagnostics.com.
Investor Relations Contact:
Chief Executive Officer
416.674.9500 ext. 229
Vice President of Finance and Administration
416.974.9500 ext. 277
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "believe", "in the process", "is subject to" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, the ability of our patents to adequately protect our rights or permit us to gain or keep any competitive advantage, and our ability to market and sell our novel multiplexing technologies and detection platforms. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
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: Investor Relations Contact: Chief Executive Officer, Andrew Morris, 416.674.9500 ext. 229, [email protected]; Vice President of Finance and Administration, Patricia Lie, 416.974.9500 ext. 277, [email protected]