Hedley Technologies Inc.

Hedley Technologies Inc.

March 04, 2005 16:24 ET

Hedley Discontinues Negotiations With Axxess Pharma


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HEDLEY TECHNOLOGIES INC.

TSX VENTURE SYMBOL: HED

MARCH 4, 2005 - 16:24 ET

Hedley Discontinues Negotiations With Axxess Pharma

MISSISSAUGA, ONTARIO--(CCNMatthews - March 4, 2005) - Hedley
Technologies Inc. ("Hedley")(TSX VENTURE:HED) announces negotiations
with Axxess Pharma Inc. have been discontinued and the contemplated
acquisition of Axxess will not proceed.

"After completing our due diligence, we were unable to agree to terms
that we felt would benefit our shareholders", said Rene Goehrum,
Chairman and Chief Executive Officer of Hedley. Mr. Goehrum added "We
continue to concentrate our efforts on the pharmaceutical sector and
based upon our identified opportunities, we look forward to developing a
presence in this market".

Hedley's focus remains one where it will source pharmaceutical products
that have been successfully developed and proven to be safe and
effective, manage the regulatory process through to product registration
(approval), and once approved, market these products in Canada. These
pharmaceuticals will compete in both the branded and generic market
segments and will not require further product development investment
other than regulatory costs.

Hedley Technologies Inc. is a publicly traded life science company that
acquires or licences products and commercializes proprietary
science-based technologies that advance human health and public safety.
Hedley's common shares are listed for trading on the TSX Venture
Exchange (TSXV) under the symbol HED.

This press release may contain information or statements that are
forward-looking. The contents herein represent our judgment, as at the
release date, and are subject to risks and uncertainties that may cause
actual results or outcomes to be materially different from the
forward-looking information or statements. Potential risks may include,
but are not limited to, those associated with clinical trials, product
development, future revenue, operations, profitability and obtaining
regulatory approvals.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Hedley Technologies Inc.
    Rene C. Goehrum
    Chairman and CEO
    (905) 206-0013
    rgoehrum@hedleytech.com
    or
    Hedley Technologies Inc.
    Joseph Arcuri
    Chief Financial Officer
    (905) 206-0013
    (905) 206-1413 (FAX)
    jarcuri@hedleytech.com
    www.hedleytech.com
    The TSX Venture Exchange assumes no responsibility for the accuracy of
    this release and neither approves nor disapproves of same.