Afexa Life Sciences Inc.

Afexa Life Sciences Inc.

January 09, 2009 17:13 ET

CV Technologies Provides Default Status Report

EDMONTON, ALBERTA--(Marketwire - Jan. 9, 2009) - CV Technologies Inc. (TSX:CVQ) CV Technologies Inc. (the "Company") is providing its first bi-weekly Default Status Report in accordance with National Policy 12-203 ("NP 12-203"). On December 26, 2008, the Company announced that it was 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 Materials") for the financial year ended September 30, 2008 within the 90 day period prescribed for the filing of the 2008 Annual Financial Materials under applicable securities laws.

In accordance with NP 12-203, and as previously announced, the Company made application to applicable regulatory authorities for management cease trade orders as an alternative to having general cease trade orders being imposed for the Company's failure to file the 2008 Annual Financial Materials within the prescribed period. As previously announced, management cease trade orders were issued by the Alberta Securities Commission ("ASC") and Ontario Securities Commission ("OSC"), pursuant to which the Company's directors, officers and other insiders named in the orders are restricted from trading in the Company's securities while the orders are in place, as opposed to a general trading restriction on all shareholders.

The Company reports that since making the initial default announcement on December 26, 2008, there have not been any material changes to the information contained therein, nor any failure by the Company to fulfill its intentions as stated therein, and there are no additional defaults or anticipated defaults subsequent to such announcement. Further, there have been no additional material changes in respect of the Company and its affairs that have not been generally disclosed.

The Company continues to anticipate that the Annual Financial Materials will be filed on or before January 12, 2009. Pursuant to NP 12-203, the Company will continue to provide bi-weekly updates until the Annual Financial Materials have been filed.


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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