MONTREAL, Oct. 1 /PRNewswire-FirstCall/ -- Avensys Corporation (OTC Bulletin Board: AVNY) ("Avensys" or the "Company"), a leading manufacturer of high-end fiber optic components, and a distributor and integrator of environmental and process monitoring systems, announced today that it is trying to resolve accounting issues relating to the valuation and presentation of certain financial statement accounts arising from defaults with a lender and has been unable to do so to date. The Company is currently working with its lender to find a solution to these defaults. The preparation of the Company's financial information on a consolidated basis cannot be completed without resolving these defaults. Therefore, at this time, the Company cannot complete and file its annual report with Pink Sheets Electronic Markets without incurring undue hardship and expense. The Company estimates that, for the year ended, June 30, 2009, it generated revenues of $22.1 million, as compared to $21.6 million for the year ended, June 30, 2008. About Avensys Corporation Avensys Corporation operates Avensys Inc., its wholly-owned core subsidiary. Avensys Inc., through its manufacturing division Avensys Technologies, designs, manufactures, distributes, and markets high reliability optical components and modules as well as FBGs for the telecom market, and high power devices and sub-assemblies for the industrial market. Avensys Technologies is also a pioneer in the development of packaged fiber-based sensors and possesses licenses in regards to leading edge intellectual property. Avensys Solutions, the other division of Avensys Inc., is an industry leader in providing instrumentation and integrated solutions for the monitoring of industrial processes and environmental surveillance applications for air, water and soil in the Canadian marketplace. To find out more about Avensys Solutions, please visit our website at http://www.avensyssolutions.com/. For Avensys Corporation company news and updates you can also visit http://www.avensyscorporation.com/. Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations. DATASOURCE: Avensys Corporation CONTACT: Ms. Sherine Attia, Avensys Corporation, 1-877-904-6030 Web Site: http://www.avensyscorporation.com/

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