Afexa Life Sciences Inc.
TSX : FXA

Afexa Life Sciences Inc.

December 10, 2009 18:55 ET

Afexa Life Sciences Inc., Maker of COLD-FX®, Appoints Jack Moffatt as Chairman and Chief Executive Officer

EDMONTON, ALBERTA--(Marketwire - Dec. 10, 2009) - Afexa Life Sciences Inc. ("Afexa" or the "Company") (TSX:FXA) Lead Director J. Douglas Gilpin today announced, on behalf of the Board of Directors, the appointment of Jack Moffatt as Chairman and Chief Executive Officer of the Company, effective immediately.

In mid-2007, Mr. Moffatt became an advisor to Management and the Board of Directors of the Company. In September 2008 he was appointed to the Board and became its Executive Chair. The following month he assumed oversight responsibility for the Company's day-to-day operations.

"Jack has proven his outstanding leadership skills and vision, as he was instrumental in restructuring Afexa, obtaining settlements of both the regulatory and the potential class action lawsuits, and developing a strong strategic business plan for the Company. He has been key to positioning our Company to capitalize on excellent opportunities for profitable growth. Afexa's Board of Directors is delighted that Jack has agreed to assume the CEO role," said Mr. Gilpin.

"My involvement in Afexa's turnaround has given me a tremendous appreciation for its potential to deliver great products to consumers, excellent shareholder value, and enormous opportunities for all of its employees. I believe the Company is positioned for growth; being a part of that is a privilege," Mr. Moffatt said.

With an extensive background in packaged-goods retailing and manufacturing in Canada and the United States, Mr. Moffatt has held senior management positions in several industries. He is a former Chairman and Chief Executive Officer of The Great Atlantic and Pacific Tea Company, and a past President, Control Brands Division, The Cott Corporation. He also served as President of First National Supermarkets, Ltd., a large chain with stores throughout New England and New York. Mr. Moffatt holds an MBA degree from the University of Toronto.

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.

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. 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 comments that could be impacted by 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, consumer acceptance of COLD-FX in other markets and consumer acceptance of IMMUNITY-FX. 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).

Contact Information

  • Afexa Life Sciences Inc. Media Contact:
    Warren Michaels
    Vice President, Communications
    (780) 432-0022
    wmichaels@afexa.com
    or
    Afexa Life Sciences Inc. Investor Contact:
    Jane Tulloch
    Senior Director, Investor Relations
    (780) 577-3724
    jtulloch@afexa.com
    www.afexa.com