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Chromos announces timing of closing of Arrangement

NORTH VANCOUVER, Sept. 23 /PRNewswire-FirstCall/ - Chromos Molecular Systems Inc. ("Chromos" or the "Company") announced that the parties to the previously announced plan of arrangement (the "Arrangement") involving, among others, Chromos, Calyx Bio-Ventures Inc. ("Calyx"), a wholly-owned subsidiary of Chromos, and Modatech Systems Inc. under section 288 of the Business Corporations Act (British Columbia) have entered into an agreement to extend the closing of the Arrangement as the parties continue to work towards the satisfaction of related closing conditions. The closing of the Arrangement is now currently scheduled to take place at the end of October 2008.

Forward-Looking Statements

Certain statements in this news release may contain "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements or information include, without limitation, statements or information about the timing of the closing of the Arrangement. With respect to forward-looking statements and information contained herein, we have made numerous assumptions. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include amongst others the risks and uncertainties involved in satisfying the conditions to close the Arrangement. Should one or more of these risks and uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information.

Although we have attempted to identify factors that may cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actual results, performances, achievements or events to not be as anticipated, estimated or intended. Also, many of the factors are beyond our control. As actual results and future events could differ materially from those anticipated in such statements and information, readers should not place undue reliance on forward-looking statements or information. Except as may be required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. All forward-looking statements and information made herein are qualified by this cautionary statement.

SOURCE Chromos Molecular Systems Inc.
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