Paragon Pharmacies Limited

Paragon Pharmacies Limited

March 09, 2007 14:15 ET

Paragon Pharmacies Announces End of Association With Drug Trading

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - March 9, 2007) - Paragon Pharmacies Limited ("Paragon" or the "Corporation") (TSX VENTURE:PGN) announced today that, effective June 6, 2007, Paragon will cease to be associated with Drug Trading Company Limited and the banner agreements under which 8 of Paragon's 18.5 pharmacies (7 in British Columbia and 1 in Alberta) are currently supplied products and services and operate under the I.D.A. name. Over the course of the next 90 days, Paragon expects to establish new supply arrangements for these 8 pharmacies, which arrangements may include the remaining 10.5 pharmacies owned and operated by Paragon.

Craig Cameron, President and Chief Executive Officer of Paragon commented, "We look forward to our next phase of growth through the development of new arrangements and programs which are a better fit for and facilitate Paragon's business model and the acquisition of additional pharmacies as a public company." "We also look forward to this new and exciting opportunity to create consistent branding and independent programs across our expanding network of pharmacies", stated Mr. Cameron.

Paragon is headquartered in Kelowna, British Columbia and currently employs over 355 full and part time staff in its stores and offices. The Corporation now owns and operates 18.5 retail pharmacies and 2 home healthcare stores in British Columbia, Alberta and Manitoba. Paragon also holds a minority ownership position in Catalyst Healthcare Ltd.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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