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Genomics One Corporation announces the sale of its BioCan Scientific Inc. subsidiaries to Medicorp Inc.

31 May 2005 - Genomics One Corporation announced that its Board of Directors has approved the terms of a Sale Transaction between Genomics One and Medicorp Inc. of Montreal for the sale of the assets of its BioCan Scientific subsidiaries in Canada and in the US. The Asset Sale Agreement contemplates purchase of all of the trade related assets of BioCan Scientific by Medicorp Inc. The Sale Transaction has a total estimated value of $677,330, all payable in cash.
 
The closing of the Sale Transaction is planned for May 31st, 2005 at which time Medicorp Inc. will pay $500,000, with the balance of $177,330 being held in escrow for 90 days. The escrow amount, with accumulated interest, will be paid to the sellers, after customary trade adjustments, if any, to be agreed between the parties. The Sale Transaction requires the approval of a majority of the Shareholders of Genomics One. Two major shareholders, and co-founders, of Genomics One with total holdings representing 49.18% and 9 other shareholders representing 1.45%, for a total of 50.63% of the outstanding shares of Genomics One, are approving the Sale Transaction.
 
The market for research reagents and components is a very competitive market and over the past years Genomics One Corporation has been working on new business opportunities. As previously announced, the Corporation has decided to enter into the BioDefense market with innovative Mass Spectrometry Technology. The Corporation will now focus all of its efforts and resources on this significant market opportunity. Successful conclusion of this transaction will enable Genomics One to focus on and execute its new strategic plan in the BioDefense market while at the same time pursuing its related equity financing activities.