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Press Releases

SQI Diagnostics Inc. Announces Private Placement of up to C$5,000,000

Released: Dec 19, 2008

Toronto, Canada, November 25th, 2008 - SQI Diagnostics Inc. (TSX-Venture: SQD), a medical systems automation company focused on evolving laboratory-based biomarker testing, announced today that it intends to complete a non-brokered private placement (the "Offering") of up to 4,000,000 common shares in the capital of the Company (the "Common Shares") at a price of $1.25 per Common Share for total gross proceeds of up to C$5,000,000.

The Common Shares will be made available by way of a private placement exemption in the provinces of British Columbia, Alberta and Ontario. The closing of the Offering is subject to, among other things, receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange, as well as the execution of certain documentation.

The Company anticipates paying finder's fees in respect to the Offering.

Proceeds from the Offering will be used by the Company for general working capital purposes.

About SQiDworks
SQiDworks is a fully-automated fluidics workstation, scanner and analytical device used to process SQI Diagnostics proprietary QuantiSpot microarray test devices. The platform fully integrates all assay steps for hands-free work-flow and is compatible with standard lab automation systems. The platform is capable of processing up to 240 patient samples per run and when combined with the Company's QuantiSpot multiplexed tests can produce quantified determinations for up to 960 individual test results per hour resulting in significant laboratory efficiencies and cost-savings.

About QuantiSpot
The SQI Diagnostics microarray device, QuantiSpot, is a multiplexed assay consumable for use with the SQiDworks workstation. QuantiSpot tests are currently being developed for the detection and quantification of biomarkers used in the diagnosis of Autoimmune Disease, Infectious Disease and Allergic conditions, among others. Each of the 96 wells of the QuantiSpot device contains proprietary microarrays for duplicate antibody capture, in-sample calibration and redundant test controls. When combined with the SQiDworks fully-automated workstation, users are able to process multiplexed assays to quantify serum concentrations of up to 12 individual biomarkers or the qualitative detection of up to 24 biomarkers per patient.

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 multiple biomarker testing at high volumes, allowing them to deliver patient results faster using less labour and fewer resources. SQI Diagnostics' platform has a user-friendly interface, high sample throughput and offers a more efficient alternative to current testing options. SQI Diagnostics' initial products target the $1.4 billion autoimmune disease market, with initial products for rheumatoid arthritis and thrombosis 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.