Paragon Pharmacies Limited

Paragon Pharmacies Limited

August 07, 2008 09:25 ET

Paragon CEO to Leave Company Within Year; Interim CFO Announced

KELOWNA, BRITISH COLUMBIA--(Marketwire - Aug. 7, 2008) - Craig Cameron, President and Chief Executive Officer of Paragon Pharmacies Limited ("Paragon" or the "Company") (TSX VENTURE:PGN) and Paragon's Board of Directors today announced Mr. Cameron's intention to leave the Company within the coming year, and that the Company and Mr. Cameron have reached agreement on such departure. Management and the Board of Directors have initiated the process to recruit a successor for Mr. Cameron, who will remain with Paragon, as President and CEO, until that individual is selected and in the job.

"I remain committed to our business and will work to ensure that my successor is well positioned," said Mr. Cameron.

Last week, the Company announced that it had entered into an agreement with Canterbury Park Capital LP and Canterbury Park Capital (US) LP (collectively "Canterbury") for Canterbury to convert its $20 million of Paragon notes, accrued interest, accrued interest adjustment and conversion inducement fee into Paragon shares. The conversion will result in a controlling interest for Canterbury.

"With the conversion of Canterbury's debenture, it's the right time to seek new leadership to work with the Board on the Company's future growth plans," said Mr. Cameron. "In the interim, I look forward to stewarding several key initiatives which will make the Company stronger than it's ever been."

Mr. Cameron and the Paragon Board of Directors also announced the hiring of Mr. Randy Henderson as interim Chief Financial Officer.

Mr. Henderson, president of Henderson Corporate Financial Consulting Inc., is a senior finance executive providing corporate financial advice to Boards of Directors and management teams of publicly traded companies or those businesses considering going public. During his career, Mr. Henderson was Chief Financial Officer and Vice President, Finance of CE Franklin Ltd., a publicly traded international oilfield services distribution company; CFO and Senior VP of Emera Inc., a publicly traded international energy and services company; and CFO and Executive VP, Finance of ENMAX Corporation, a privately owned energy and utility company. Mr. Henderson is a Chartered Accountant and was nominated in 2003 for Canada's CFO of the Year Award.

Mr. Henderson is also a member of the Paragon Board of Directors, having joined the Board as an independent director in July 2008. He will remain on the board but will give up his position as chair of the audit committee.

Paragon is headquartered in Kelowna, British Columbia and currently employs over 500 full and part time staff in its stores and offices. The Corporation owns and operates 18.5 retail pharmacies, three central fill pharmacies and two home healthcare stores in British Columbia, Alberta and Manitoba.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Paragon Pharmacies Limited
    Craig Cameron
    President and Chief Executive Officer
    (250) 491-3936
    (250) 491-3950 (FAX)