Afexa Life Sciences Inc.

Afexa Life Sciences Inc.

October 12, 2005 09:09 ET

CV Technologies-Makers of Cold-Fx®-Issues Business Update: Record Sales of $33 Million for Fiscal 2005

EDMONTON, ALBERTA--(CCNMatthews - Oct. 12, 2005) - CV Technologies Inc. (CVT) (TSX VENTURE:CVQ) today issued a shareholder's advisory on company happenings of note which include the following:

- Preliminary gross sales figures for fiscal 2005 (ending September 30) of $33 million. CVT closed its fiscal year with fourth quarter (July, August, September) preliminary gross sales of $8 million

- Higher sales in fiscal 2005 are attributable to a strong performance in Ontario, continuing success in Alberta and Western Canada and strong brand recognition of COLD-fX® across Canada. In April 2005, ACNielsen ranked COLD-fX® as the number one selling product in the cold and flu category in Canada.

- CVT President and CEO, Dr. Jacqueline Shan said, "In fiscal 2005, CVT achieved numerous sales milestones. We were successful in penetrating the Ontario market and expanding our distribution with the inclusion of stores in Quebec such as Jean Coutu, Pharmaprix, Familprix, Uniprix, Costco, Le Comptoir, Groupe Essaim, Le Naturiste, Brunet, McMahon Distributors, Zellers and Provigo and Metro. CVT's distribution now exceeds 6,000 retail stores and recently COLD-fX® was recognized as the 2005 Outstanding Partner of the Year in the Health & Wellness category by London Drugs, one of the largest drug chain stores in Western Canada."

- CELL-fX®, a product recently launched by CVT, is enjoying significant initial sales in Canada. CELL-fX® is currently carried by Shoppers Drug Mart, Katz Group, Loblaws, Safeway Canada, Pharmasave, Overwaitea, Lawtons, Sobeys, London Drugs, leading Health Food Stores, McKesson & K.F Wholesalers. Wal-Mart has also agreed to list the product.

- CVT's success in sales parallels recognition by the business and scientific communities as well as the media. Recently CVT was recognized in the following manner:

- Dr. Shan & CVT were featured in a cover story in the Globe and
Mail's Report on (Small) Business (Oct 6, 2005). The launch of
CELL-fX® and multi-centre trials of COLD-fX® attracted more
than 80 stories in print, TV and network radio.

- CVT was selected by Deloitte for inclusion in the Deloitte
Technology Fast 50 - a list of Canada's fastest growing companies.
CVT has now been entered in the Deloitte North America Fast
500 - a ranking of the fastest growing companies in the category
in the U.S. and Canada.

- Dr. Shan was chosen 2005 Ernst & Young Entrepreneur of the Year
(Health Sciences) and was selected by Profit magazine for
inclusion in the W100 - a ranking of the top 100 female
entrepreneurs in Canada.

- Dr. Shan was featured in a special collector's edition of Alberta
Venture magazine honoring the top 100 people in the past Century
to help build Alberta.

- Dr. Shan is a finalist for the 2005 ASTech Award for Outstanding
Commercial Achievements in Alberta Science & Technology and a
finalist for RBC's Canadian Female Entrepreneur of the Year as
well as a finalist for "Canada's Most Powerful Women: Top 100"
another ranking of the top female business leaders in Canada.

- CVT's recognition extends into the world's most populated country,
China. Recently, Dr. Shan and CV Technologies were featured on
CCTV, a nation-wide television network in China. This feature was
a part of a 5-part series on Alberta.

- CVT is pleased to announce the appointment of Dr. Lei Ling as Vice President, Product Development. An analytical chemist by training, Dr. Ling possesses over 15 years of experience in developing pharmaceutical products, managing R&D activities and innovating new manufacturing processes. Dr. Shan said, "One of the core competencies of CVT is to develop new products in its pipeline and commercialize them. Dr. Ling's skill set and experience further strengthens this goal."

- On July 18, 2005, the board of directors granted 250,000 stock options at an exercise price of $2.62 per share (market closing price for the same day) to a new officer, a consultant and employees. Details are on file with SEDI.

- On October 6, 2005 the TSX granted release of 368,718 escrow founder's shares according to the escrow agreement developed in 1997 between CVT and then founders and certain officers of the Company.


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® - the top selling cold remedy in Canada according to ACNielsen, strengthens the immune system and is widely used as a leading anti-cold, anti-flu, non-prescription treatment. COLD-fX's unique, patented, mechanism of action was developed and standardized according to the Company's ChemBioPrint (CBP) technology. The CBP® process precisely identifies the chemical profile and biological activity of multi-active components in natural compounds. 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.

Contact Information