Mr. Andrew Morris reports

SQI DIAGNOSTICS APPOINTS CHIEF FINANCIAL OFFICER

SQI Diagnostics Inc. has appointed Lennie Ryer, CPA, CA, CFE, to its management team. In his capacity as chief financial officer he will assist the company in its transition from a development stage to a commercially successful company including strategic financing initiatives to advance the company's capital market strategy and to secure financing to drive future growth and further expansion of SQI proprietary technologies.

"The extensive experience Lennie brings to SQI is well aligned with our financial objectives. He has led the financial strategy of numerous public and private companies in the biotech sector as CFO, adviser and board of director member," said Andrew Morris, chief executive officer of SQI Diagnostics. "Mr. Ryer will be an important member of the SQI team as we transition to profitability and our financial profile changes accordingly."

Mr. Ryer previously held the position of chief financial officer and vice-president of finance at ConjuChem Biotechnologies Inc., a publicly traded biotechnology company developing peptide-based drugs to improve the treatment of human diseases such as diabetes and growth deficiencies. With ConjuChem, he designed and executed multiple treasury and secondary offerings in excess of $300-million, negotiated $45-million in convertible notes with a Wall Street institution, and as a member of the board of directors, played an integral role in the development and execution of ConjuChem's initial public offering.

Mr. Ryer also worked at Paladin Labs Inc., a specialty pharmaceutical firm, from 1999 to 2001, in the position of CFO and vice-president, finance. At Paladin, Mr. Ryer transitioned the company to the Toronto Stock Exchange and led the company's most significant financing initiative.

Mr. Ryer was formerly the managing partner of the Montreal office of BDO, an international accounting and advisory firm. During his 18 years in public practice, Mr. Ryer specialized in mergers and acquisitions and taxation.

Mr. Ryer holds a BComm degree in finance from McGill University and a degree in public accountancy from McGill University faculty of graduate studies. He holds a chartered accountant designation from the institutes of Ontario and Quebec.

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