CardioGenics Announces Filings and Listing Update

- Provides clarity on 8-K filing -

MISSISSAUGA, ON, March 23, 2012 - CardioGenics Holdings Inc. (OTCBB: CGNHE), a leading in vitro diagnostics company focused on developing products for the point-of-care (POC) segment of the market, today provided an update on its recent SEC filing and the subsequent change in its listing status on the OTCBB.

The Company, on the advice of its new auditors who were hired subsequent to the completion and filing of its 2011 year end financials, and in consultation with its legal counsel, filed an 8-K on Monday, March 20 that outlined the Company's intention to restate its 2011 year end financials. The restatement was necessitated due to what the Company's new auditors believe was the improper accounting for certain warrants which were issued as part of stock-based compensation for third-party services.

Since the Company's 10-Q for Q1 FY 2012 cannot be filed until the 2011 year end financials are restated, CardioGenics is in a temporary state of delinquency on the OTCBB resulting in a new temporary ticker symbol: "CGNHE". The Company plans to file a 10-K/A with its restated 2011 year end financials and its 10-Q for Q1 FY 2012 within the 30-day grace period allotted by the OTCBB. These filings will enable the Company to move back into compliance with its filings, at which time the "E" will be dropped from the Company's ticker symbol and the listing will return to its former status on the OTCBB.