Paragon Pharmacies Limited

Paragon Pharmacies Limited

March 14, 2007 16:29 ET

Paragon Pharmacies Announces Grant of Options

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - March 14, 2007) - Paragon Pharmacies Limited ("Paragon" or the "Corporation") (TSX VENTURE:PGN) announced today, subject to receipt of applicable regulatory approval, that Paragon has granted to its directors and officers options to purchase an aggregate of 1,055,000 common shares in the capital of the Corporation, exercisable at a price of $0.80 per common share until March 14, 2012. Paragon currently has 37,204,443 basic shares outstanding and 47,425,098 fully diluted common shares, based on currently outstanding convertible securities of 1,605,500 options under the Corporation's stock option plan, 480,155 broker options and 8,135,000 common share purchase warrants.

Paragon is headquartered in Kelowna, British Columbia and currently employs over 355 full and part time staff in its stores and offices. The Corporation 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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