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Warnex Reports First Quarter 2014 Results

DORVAL, QUEBEC -- (Marketwired) -- 05/29/14 -- Warnex Inc. (TSX VENTURE:WNX.H) ("Warnex" or the "Company") announced today financial results for the first quarter ended March 31, 2014.

As announced on May 5, 2014, the Company has entered into a binding letter of agreement with Diagnos pursuant to which Warnex will merge with a wholly-owned subsidiary of Diagnos. The transaction remains subject to certain closing conditions including without limitation, (i) satisfactory completion of the due diligence investigation by Warnex; (ii) receipt of all necessary approvals and consents, including but not limited to, the approval of the TSX Venture Exchange; (iii) approval by a majority of the Warnex shareholders at a special meeting of shareholders scheduled for June 26, 2014, and such other closing conditions customary for transactions of this nature as may be specified in the definitive agreement.

Financial results

Net loss for the quarter amounted to $99,402, or $nil per share compared to net loss of $453,637 or $0.02 per share for the same quarter in 2013. The Board continues to be focused on reducing expenses, as evidenced by lower general and administrative expenses, and is expecting this trend to continue going forward.

General and administrative expenses amounted to $105,311 for the quarter compared to $452,119 for the same quarter last year. General and administrative expenses decreased as a result of lower facility operating costs amounting to approximately $120,000 as a result of the lease termination effective December 2013, reduced legal fees due to one-time mandates in the first quarter of 2013 amounting to approximately $180,000 and reduced board of director fees amounting to approximately $70,000 due to a reduction in the total number of required directors, partially offset by lower foreign exchange gains amounting to approximately $22,000 recorded in the first quarter of 2014 due to fluctuations between the US dollar and the Canadian dollar.

Financial income amounted to $5,909 for the quarter compared to financial expenses of $1,518 for the same quarter last year.

The Company ended the first quarter of 2014 with cash and cash equivalents of $2.5 million and working capital of $2.6 million, compared to $2.1 million in cash and cash equivalents and a working capital of $2.7 million as at December 31, 2013.

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, volatility of share price 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 annual 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.

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

Financial statements to follow.


Interim Consolidated Statements of Financial Position                       
(Unaudited)                                                                 
                                                                            
                                                     March 31   December 31 
                                                         2014          2013 
                                                            $             $ 
----------------------------------------------------------------------------
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Assets                                                                      
Current assets                                                              
Cash and cash equivalents                             151,252       218,299 
Short-term investments                              2,300,000     1,900,000 
Trade and other receivables                           196,300       782,073 
Prepaid expenses                                       32,463        55,483 
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                                                    2,680,015     2,955,855 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Liabilities                                                                 
Current liabilities                                                         
Trade and other payables                               73,293       169,731 
Provisions                                                  -        80,000 
----------------------------------------------------------------------------
                                                       73,293       249,731 
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----------------------------------------------------------------------------
                                                                            
Shareholders' equity                                                        
Capital stock                                      41,706,049    41,706,049 
Other reserves                                      2,803,559     2,803,559 
Deficit                                           (41,902,886)  (41,803,484)
----------------------------------------------------------------------------
                                                    2,606,722     2,706,124 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                    2,680,015     2,955,855 
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Interim Consolidated Statements of Changes in Shareholders' Equity          
(Unaudited)                                                                 
                                                                            
                                                              Other reserves
                               ---------------------------------------------
                               ---------------------------------------------
                                     Equity                                 
                                 components                                 
                        Capital          of  Share-based         Total other
                          stock  debentures compensation    Other   reserves
                              $           $            $        $          $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Balance, December                                                           
 31, 2013            41,706,049   1,734,404    1,028,149   41,006  2,803,559
Net and                                                                     
 comprehensive loss           -           -            -        -          -
----------------------------------------------------------------------------
Balance,March 31,                                                           
 2014                41,706,049   1,734,404    1,028,149   41,006  2,803,559
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Balance, December                                                           
 31, 2012            41,706,049   1,734,404    1,028,149   41,006  2,803,559
Net and                                                                     
 comprehensive loss           -           -            -        -          -
----------------------------------------------------------------------------
Balance, March 31,                                                          
 2013                41,706,049   1,734,404    1,028,149   41,006  2,803,559
----------------------------------------------------------------------------
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                         Deficit        Total 
                               $            $ 
----------------------------------------------
----------------------------------------------
Balance, December                             
 31, 2013            (41,803,484)   2,706,124 
Net and                                       
 comprehensive loss      (99,402)     (99,402)
----------------------------------------------
Balance,March 31,                             
 2014                (41,902,886)   2,606,722 
----------------------------------------------
----------------------------------------------
                                              
                                              
Balance, December                             
 31, 2012            (39,840,541)   4,669,067 
Net and                                       
 comprehensive loss     (453,637)    (453,637)
----------------------------------------------
Balance, March 31,                            
 2013                (40,294,178)   4,215,430 
----------------------------------------------
----------------------------------------------
                                                                            
Interim Consolidated Statements of Operations and Comprehensive Loss        
(Unaudited)                                                                 
                                                                            
                                                           2014        2013 
For the three months ended March 31                           $           $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Revenues                                                      -           - 
                                                                            
Operating expenses                                                          
  General and administrative                            105,311     452,119 
  Finance                                                (5,909)      1,518 
----------------------------------------------------------------------------
                                                         99,402     453,637 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Net and comprehensive loss                              (99,402)   (453,637)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Basic loss per share                                     ($0.00)     ($0.02)
Diluted loss per share                                   ($0.00)     ($0.02)
Weighted average number of shares outstanding        28,323,884  28,323,884 
Weighted average number of diluted shares                                   
 outstanding                                         28,323,884  28,323,884 
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Interim Consolidated Statements of Cash Flow

(Unaudited)


                                                            2014       2013 
For the three months ended March 31                            $          $ 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operations                                                                  
Net loss                                                 (99,402)  (453,637)
Net change in non-cash working capital items             432,355    285,268 
----------------------------------------------------------------------------
Net cash used in operations                              332,953   (168,369)
----------------------------------------------------------------------------
                                                                            
Investing activities                                                        
Acquisition of short-term investments                   (500,000)         - 
Disposal of short-term investments                       100,000          - 
----------------------------------------------------------------------------
Net cash used by investing activities                   (400,000)         - 
----------------------------------------------------------------------------
                                                                            
Financing activities                                                        
----------------------------------------------------------------------------
Net cash used in financing activities                          -          - 
----------------------------------------------------------------------------
                                                                            
Decrease in cash and cash equivalents                    (67,047)  (168,369)
Cash and cash equivalents, beginning of period           218,299  2,742,114 
----------------------------------------------------------------------------
Cash and cash equivalents, end of period                 151,252  2,573,745 
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