Afexa Life Sciences Inc.
TSX : FXA

Afexa Life Sciences Inc.

September 16, 2009 17:38 ET

Afexa Announces Conditional Settlement of Class Action Lawsuits

EDMONTON, ALBERTA--(Marketwire - Sept. 16, 2009) - Afexa Life Sciences Inc. ("Afexa" or the "Company") (TSX:FXA) announced today that subject to court approval it has reached an agreement in principle to settle two proposed class action law suits commenced in Ontario and Alberta in August of 2007 against the Company, certain of its officers, former directors and former auditor. These claims remain unproven and the actions have not received court approval.

The agreement in principle provides for the settlement, release and dismissal of all claims asserted against the Company, its former auditor and the individual proposed defendants. Afexa's anticipated contribution to the settlement amount is to be funded through its insurance coverage. The agreement in principle remains subject to final settlement documents and receipt of court approval. The settlement does not constitute any admission of liability by Afexa or its officers, directors and employees.

ABOUT AFEXA LIFE SCIENCES

Afexa Life Sciences Inc. (formerly CV Technologies) founded in 1992, strives to transform people's lives to be healthier and happier by focusing on prevention and recovery through the use of evidence-based naturally derived health products. The Company's lead product, COLD-FX®, strengthens the immune system and is widely used as a leading over-the-counter remedy for helping to prevent and relieve cold and flu infections.

Advisory Regarding Forward-Looking Statements

This news release contains certain forward-looking statements and information within the meaning of applicable securities laws, which reflect current expectations of the management of Afexa Life Sciences Inc. (the "Company") regarding future events or the Company's future performance, including, without limitation, statements relating to the timing and/or initiation of clinical trials, clinical trial results, the introduction of new products, associated regulatory clearances, economic or financial trends or expectations, financing, acceptance of the Company's products in the marketplace and the hiring or retention of personnel. Forward-looking statements are often, but not always, identified by the use of words such as "expect", "anticipate", "seek", "aim", "continue", "estimate", "objective", "ongoing", "may", "will", "would", "project", "predict", "potential", "could", "should", "might", "believe", "plan", "target", "intend" and similar expressions. All statements other than statements of historical fact contained in this news release may be forward-looking statements. The forward-looking information included in this document does not guarantee future performance and should not be unduly relied upon. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation, the impact of competition, the incidence of cold and flu, consumer confidence and spending levels, general economic conditions, interest and currency exchange rates, unseasonable weather patterns, the cost and availability of capital and grants/funding, product development uncertainties, labour market challenges and consumer acceptance of COLD-FX in other markets. The Company believes that the expectations and assumptions reflected in the forward-looking information contained herein are reasonable but no assurance can be given that these expectations and assumptions are correct or that that the results, performance or achievements expressed in, or implied by, forward-looking statements herein will occur, or if they do, that any benefits may be derived from them. The Company can give no assurance that new product development initiatives will lead to new product commercialization. The Company assumes no duty to update or revise forward looking information, except as may be required pursuant to applicable laws. All forward-looking information is expressly qualified in its entirety by this cautionary statement. Further information regarding risks and uncertainties relating to the Company and its securities can be found in the disclosure documents filed by the Company with the securities regulatory authorities, available at www.sedar.com. The Company claims exemption under U.S. SEC Rule 12g3-2(b).

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