SQI Diagnostics to raise CDN $5 million through non-brokered private placement

SQI Diagnostics Inc. ("SQI" or the "Company") (TSX-V: SQD), a medical systems automation company focused on evolving laboratory-based biomarker testing, today announced that it intends to raise gross proceeds of up to CDN $5 million through a non-brokered private placement of up to 2,000,000 units of the Company at a price of $2.50 per unit. Each Unit will consist of one (1) common share and one-half (1/2) of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one common share at a price of $5.00 for a period of two (2) years from date of issuance. A finder's fee may be paid by the Company in connection with the private placement.

The non-brokered private placement is subject to all necessary regulatory and stock exchange approvals. SQI intends to use the net proceeds to fund the Company's development and commercialization programs and for general working capital.

The securities being issued in the private placement will be subject to a four-month hold period in accordance with applicable Canadian securities laws. Closing of the non-brokered private placement will be on or about August 12, 2010.

Source: SQI DIAGNOSTICS INC.