Afexa Life Sciences Inc.
TSX VENTURE : CVQ

Afexa Life Sciences Inc.

May 24, 2005 09:00 ET

CV Technologies Inc.-COLD-fX®: Number One Selling Cold Remedy in Canada

EDMONTON, ALBERTA--(CCNMatthews - May 24, 2005) - CV Technologies Inc. (CVT) (TSX VENTURE:CVQ) today issued a shareholder's advisory on company happenings of note, including the ranking of COLD-fX® as the number one selling cold remedy in Canada.

Business Developments:

- COLD-fX® is the number one selling cold remedy in Canada over the latest 52- week period ending April 16, 2005, including the recent cold and flu season.(i) In addition, COLD-fX was the # 1 selling item in Drug Store Retail Banners across Canada in the category group of cold remedies, natural supplements and vitamins. The Drug Store Retail Banners are CVT's primary distribution channel.

- CVT receives its first NPN number from Health Canada. The newly created Natural Health Products Directorate of Health Canada has given regulatory approval and issued CVT an NPN number for CELL-fX®, a product for the prevention of joint deterioration and pain relief.

- CVT to open Ontario sales office. The opening of a sales and marketing office in Toronto is a commitment to aggressively develop our Canadian business and recognizes that sales in the first half of fiscal 2005 have expanded from our strong base in Alberta to encompass a significant growth in Ontario.

- Business in Q1 and Q2 of 2005 was highlighted by sales and profitability of $21.8 million in sales and $7.27 million of profit versus $2.91 million and a loss of $4,000 for the same period last year. In addition, CVT's improved operating efficiencies and economies of scale led to a 6.9% improvement in gross margin.

Scientific Developments:

- CVT planning two major collaborative large-scale and multi-centre international studies in the areas of cancer related fatigue and upper respiratory infection prevention in seniors.

- Medical Research group in Oregon will launch clinical trials on the Company's memory enhancement product - REMEMBER-fX®.

- Several studies, including a pre-clinical cancer study at McGill University and a safety and feasibility study in nursing homes, are progressing smoothly and according to schedule.

(i) Client calculation based in part on $ Sales Data reported by ACNielsen, through its MarketTrack Drug Service, for Cold Remedies, Natural Supplements & Vitamins Category for the 52 week period ending April 16, 2005.

Related Interest:

CVT expresses condolences to the family of Dr. Peter Pang, one of CVT's founders who passed away in a tragic automotive accident in China. Dr. Pang and Dr Shan founded CVT in 1992. Dr. Pang resigned from CVT in 2000 and Dr. Shan carries on today as both the CEO and the CSO.

ABOUT ACNielsen

ACNielsen, the world's leading marketing information provider, provides measurement and analysis of marketplace dynamics and consumer attitudes and behavior. Companies rely on ACNielsen's market research, proprietary products, analytical tools and professional services to understand competitive performance, to uncover new opportunities and to raise the profitability of their marketing and sales campaigns.

ABOUT CV TECHNOLOGIES INC.

CV Technologies was founded in 1992. It aims to become a global leader in the development and commercialization of evidence based, natural medicines for disease prevention and health maintenance. CVT's lead product, COLD-fX®, strengthens the immune system and is widely used as a leading anti-cold, anti-flu, non-prescription drug. COLD-fX® is patented. Its unique mechanism of action is developed and standardized according to the Company's ChemBioPrint technology. The CBP process precisely identifies the chemical profile and biological activity of multi-active components in the natural compound. The CBP process provides a manufacturing protocol that ensures each batch of compound delivers verifiable and provable health benefits.

This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. For this purpose, any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "intends", "expects" and similar expressions are intended to identify forward-looking statements. Such risks and uncertainties include, but are not limited to, the need for capital, changing market conditions, completion of clinical trials, patient enrolment rates, uncertainty of pre-clinical, retrospective and early clinical trial results, the establishment of manufacturing processes and new corporate alliances, the timely development, regulatory approval and market acceptance of the Company's products, and other risks detailed from time to time in the Company's filings with Canadian securities authorities.

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