Afexa Life Sciences Inc.

Afexa Life Sciences Inc.

March 31, 2011 08:00 ET

Afexa Appoints William White as Independent Chairman

EDMONTON, ALBERTA--(Marketwire - March 31, 2011) - Afexa Life Sciences Inc. ("Afexa" or the "Company") (TSX:FXA) today announced the appointment of William B. White as Independent Chairman of the Board of Directors of Afexa, effective April 1, 2011.

"Afexa is committed to good governance practices," said Lead Director Douglas Gilpin. "During the Company's transitional period the Board of Directors saw fit to combine the role of Chairman and Chief Executive Officer (CEO) as an appropriate structure for Afexa. The Board believes the time has come to separate the positions and appoint an independent Chair. The Company's current Chairman and CEO, Jack Moffatt, will continue as President and CEO of the Company and as a non-independent Director but will cede the Chairman's role. As President and CEO, Mr. Moffatt's primary responsibility continues to be providing strategic direction, including the development and implementation of vision, plans, policies and budgets for profitable growth of Afexa, and overseeing the human resources, financial management and operations of the Company. On behalf of the Board of Directors, I wish to thank Mr. Moffatt for his contribution as Chairman during Afexa's transition," concluded Mr. Gilpin.

William B. White: An experienced global business leader, Mr. White is the retired President of DuPont Canada Company ("DuPont Canada"). He held a variety of global business unit leadership roles in his 34 years with E.I. du Pont de Nemours and Company ("DuPont"). Prior to his 2006 appointment as President of DuPont Canada, Mr. White worked across DuPont leading businesses and programs focused on growth through marketing and sales transformation, the development of emerging markets, and step change business strategies. He was Director of Business Improvement at DuPont's headquarters in Wilmington, Delaware, before his appointment to President of DuPont Canada. He is currently a partner in CBW Associates, a Canadian business consulting firm. A graduate of Purdue University in West Lafayette, Indiana (B.Sc., Mechanical Engineering), he is a 2009 Distinguished Engineering Alumnus and chairs Purdue's Mechanical Engineering advisory committee. Mr. White serves on the Board of Directors of a number of non-profit organizations, including the Schulich Center for Responsible Business (York University), MaRS Discovery District, the Ontario Science Center, and the Sustainable Chemistry Alliance. Mr. White joined the Board of Directors of Afexa in November 2009, chairs the Human Resources and Compensation Committee, and serves on the Audit Committee. Mr. White is currently completing the Director Education Program through the Institute of Corporate Directors.

"Afexa is an innovative, science driven Company, and its lead product COLD-FX® is a remarkable success in the marketplace. It has been my pleasure to serve as a member of the Board of Directors of this dynamic Company. I am looking forward to chairing the Board and working with Jack and the management team at Afexa through its next phase of growth," said Mr. White. "The strong science team, led by Chief Scientific Officer Dr. Jacqueline Shan at the Edmonton headquarters, has built a solid discovery foundation. The Board will work with management to firm up Afexa's strategic plans and prioritize its rigorous product development pipeline. We hope to build value for our shareholders and solidify the exciting opportunities available to the Company."

Mr. Gilpin has resigned from his position as Lead Director, a role that is no longer required with an independent Chair in place. He will continue to serve as an independent director and Chairman of Afexa's Audit Committee.

About Afexa Life Sciences Inc.
Afexa Life Sciences Inc., founded in 1992, strives to deliver the most trusted health brand on the planet through pioneering evidence-based natural medicines that empower people to achieve their health potential. The Company's patented ChemBioPrint® discovery and standardization technology enables the development of effective and safe medicines from complex natural sources, while ensuring reliable health benefits and batch-to-batch consistency. COLD-FX®, a ChemBioPrint product, is the Company's flagship product and Canada's leading over-the-counter (OTC) cold and flu remedy. It is officially indicated in Canada to help reduce the frequency, severity and duration of cold and flu symptoms by boosting the immune system. COLD-FX has a product license (NPN) and is supported by scientific evidence, including randomized, double-blind, placebo-controlled clinical trials.

Advisory Regarding Forward-Looking Statements 
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "would", "project", "could", "should", "contemplate", "potential", "depend", "forecast", "believe", "plans", "targets", "intends" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements reflect the Company's beliefs and are based on information currently available to us. These statements require Afexa to make assumptions that it believes are reasonable and are subject to inherent risks and uncertainties. Actual results and developments may differ materially from the results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond Afexa's control. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Examples of such forward-looking statements in this news release include, but are not limited to, the expectation that the Board of Directors will complete and fine-tune Afexa's strategic plans under its new Chairman and prioritize its rigorous product development pipeline in order to build shareholder value or that the Board and Management will solidify some of the potential opportunities available to the Company.

The Company believes the expectations and assumptions reflected in the forward-looking information and statements contained herein are reasonable. However, no assurance can be given that these expectations and assumptions are correct and that the results, performance or achievements expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, whether any benefits may be derived from them. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Investors are encouraged to consult SEDAR filings for more details on forward-looking statements and associated risks.

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