Afexa Life Sciences Inc.

Afexa Life Sciences Inc.

December 26, 2008 15:32 ET

CV Technologies Announces Delay in Filing Annual Financial Statements

EDMONTON, ALBERTA--(Marketwire - Dec. 26, 2008) - (TSX:CVQ) CV Technologies Inc. (the "Company") announces that it is not able to file its annual financial statements, accompanying management's discussion and analysis, and related CEO and CFO certifications (collectively, the "2008 Annual Financial Statements") for the financial year ended September 30, 2008 within the 90 day period prescribed for the filing of annual financial statements under Parts 4 and 5 of National Instrument 51-102 and pursuant to National Instrument 52-109, respectively. The Company expects to file the Annual Financial Statements on or before January 12, 2009.

Despite its efforts, the Company is not able to file the 2008 Annual Financial Statements on time primarily as a result of significant changes in staff in the Company's finance department which has resulted in substantial continuity and capability challenges in providing its auditor with all of the required backup documents to support the notes to the Company's financial statements. The unavailability of resources on the part of the Company and the Company's auditors due to the holiday season has exacerbated the situation.

The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 4.3 and 4.4 of National Policy 12-203 for so long as it remains in default as a result of late filing of its continuous disclosure. During the period of default, the Company will issue bi-weekly default status reports in the form of further press releases which will also be filed on SEDAR. The Company confirms that there are no insolvency proceedings against the Company as of the date herein. The Company also confirms that there is no other material information concerning the affairs of the Company that have not been generally disclosed as of the date herein.

The Company has made application to applicable regulatory authorities for a management cease trade order. There is no certainty that such order will be granted. The applicable regulatory authorities may issue cease trade orders against the Company for failure to file the Statements within the prescribed time period.


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 (OTC) remedy for helping to prevent and relieve cold and flu infections. COLD-FX continues to rank as the number one selling cold and flu remedy in Canada (ACNielsen's MarketTrack Drug Service for Cold Remedies, Natural Supplements & Vitamins Categories for the 52 week period ending September 27, 2008).

Forward Looking Information

This news release contains certain forward-looking information within the meaning of applicable securities laws. 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. 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 any benefits may be derived from them. All forward-looking information is expressly qualified in its entirety by this cautionary statement. The Company assumes no duty to update or revise forward looking information, except as may be required pursuant to applicable laws. The Company claims exemption under SEC rule 12g3-2(b).

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