Paragon Pharmacies Limited

Paragon Pharmacies Limited

March 02, 2007 17:58 ET

Paragon Pharmacies Limited Announces Acquisition of Pharmacy in Manitoba

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - March 2, 2007) - Paragon Pharmacies Limited ("Paragon" or the "Corporation") (TSX VENTURE:PGN) announced today that it has closed the acquisition of the pharmacy assets and business of Nordic Pharmacy Inc. located in The Pas, Manitoba, through its wholly owned subsidiary, Paragon Nordic Pharmacy Ltd., for aggregate consideration of $2,327,518 (subject to certain post-closing adjustments). Paragon, through its wholly owned subsidiary, will operate the pharmacy under the name "Nordic Pharmacy".

"Paragon is pleased to expand its reach across Western Canada with this exciting new business opportunity in Manitoba" said Craig Cameron, President & CEO of Paragon. "This acquisition demonstrates our commitment to an accretive growth strategy and continued fulfillment of our business objectives".

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 transaction and has neither approved nor disapproved the contents of this press release.

Contact Information