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Press Releases

SQI Diagnostics Inc. Announces Closing of Private Placement - Company Raises CDN$3.66 Million

Released: Jun 03, 2008

Toronto, Ontario, June 3, 2008 – SQI Diagnostics Inc. (TSX-Venture: SQD), a medical systems automation company focused on evolving laboratory-based biomarker testing, today announced that it has sold 2,439,500 common shares of the Company pursuant to the previously announced private placement offering (the "Offering") at a price of CDN$1.50 per share, for gross proceeds of CDN$3.66 million.

Proceeds from the Financing will be used by the Company to fund research and development, for working capital and general corporate purposes.

Kingsdale Capital Markets Inc. acted as agent in connection with the Offering and received a commission in an amount equal to 8% of the gross proceeds from the sale of the common shares placed by the agent. In addition, the agent received non-transferable warrants ("Broker Warrants") to purchase 194,200 common shares. The Broker Warrants have an exercise price of CDN$1.50 and will be exercisable in whole or in part within 24 months of the closing date of the Offering.

All common shares sold in the Offering and the Broker Warrants are subject to a four-month resale restricted period expiring October 4, 2008.

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.

About SQI Diagnostics
SQI Diagnostics is a medical systems automation company focused on evolving laboratory-based biomarker testing. Using automation and proprietary miniaturization technologies, SQI Diagnostics significantly improves the economies of scale for laboratories performing multi-analyte biomarker testing, allowing them to deliver patient results faster, using less labor, and fewer resources. SQI Diagnostics' initial products target the autoimmune disease market, with initial products for rheumatoid arthritis and antiphospholipid syndrome scheduled for launch in 2008. SQI Diagnostics is based in Toronto, Canada. For further information please visit www.sqidiagnostics.com.

For further information please contact:

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 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 release.