Afexa Life Sciences Inc.

Afexa Life Sciences Inc.

April 20, 2007 14:04 ET

CV Technologies Confirms Interim Cease Trading Order by the Alberta Securities Commission as It Prepares for Restatement

EDMONTON, ALBERTA--(CCNMatthews - April 20, 2007) - CV Technologies Inc. (TSX:CVQ) today confirmed that the Alberta Securities Commission (ASC) has issued an interim cease trade order halting trading of the Company's securities for 15 days.

This action follows CVQ's April 11, 2007 news release announcing that the Company was voluntarily planning to restate its consolidated financial statements for the year ended Sept. 30, 2006, as well as its interim consolidated financial statements for the first quarter of fiscal 2007 due to a revenue deferral issue in the U.S. market.

The Company, under the guidance of the Board of Directors and after consultation with its independent auditors, has revised the Company's revenue recognition policy as it relates to the entry into new markets or introduction of new products where a right of return arrangement exists either contractually or as a matter of practice. The Company has amended this policy because of the difficulty in estimating consumer uptake and the risk of product return by retailers in these situations.

"We support any action that promotes a fair market for investors and we are working to restate our financials as quickly as possible," said Dr. Jacqueline Shan, President, CEO and Chief Scientific Officer of CV Technologies Inc. "We are preparing to meet with the Commission on May 2 and in the meantime, it is business as usual."

About CV Technologies Inc.

CV Technologies, founded in 1992, is a global leader in the development and commercialization of naturally derived, evidence based, natural therapeutics for disease prevention and health maintenance. The Company's lead product - COLD-fX - strengthens the immune system and is widely used in Canada as a leading over the counter (OTC) remedy for preventing and relieving cold and flu infections. A comprehensive treatment claim approved by Health Canada for COLD-fX states that it "helps reduce the frequency, severity and duration of cold and flu symptoms by boosting the immune system." Comprehensive therapeutic claims require support by the highest level of scientific evidence: randomized, double-blind, placebo-controlled clinical trials. In the United States COLD-fX is marketed as an immune enhancing dietary supplement. COLD-fX, with its unique and patented mechanism of action was standardized according to the Company's ChemBioPrint (CBP) process. The CBP process precisely identifies the chemical profile and biological activity of multi-active compounds in evidence-based natural therapeutics. The CBP process also provides a manufacturing protocol that ensures each batch of the final product delivers verifiable and provable health benefits. International manufacturing, marketing, patents and trademarks are held by fX Life Sciences International GmbH. COLD-fX is distributed and sold in the U.S. by COLD-fX Pharmaceuticals (USA) Inc. Both companies are wholly-owned subsidiaries of CV Technologies Inc. fX Life Sciences International GmbH and COLD-fX Pharmaceuticals (USA) Inc. maintain a call center for product information: 1-877-490-3300.

This news release contains forward-looking statements that are subject to risks and uncertainties that may cause actual results or events to differ materially from the results or events predicted in this release, including those comments predicting the timing and conclusion of regulatory meetings and the results of restated financials. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. For a more in-depth account of risks and uncertainties, please refer to documents filed with the securities regulators on, including the Company's news release of April 11, 2007. Subject to its obligations under applicable law, the Company assumes no duty to update this disclosure. The Company is a 12g3-2(b) SEC registrant.

Contact Information