Paragon Pharmacies Limited

Paragon Pharmacies Limited

September 06, 2007 15:48 ET

Paragon Pharmacies Limited Announces Entering Into a Definitive Agreement to Purchase Its Second Pharmacy in Manitoba

KELOWNA, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2007) - Paragon Pharmacies Limited ("Paragon" or the "Corporation") (TSX VENTURE:PGN) announced today that it has entered into a definitive agreement to acquire all of the outstanding shares of Duncan Pharmacy Inc. The acquisition is anticipated to close November 1, 2007 subject to certain conditions such as board approval, due diligence & financing conditions.

"Paragon is pleased to expand its operations in Manitoba to complement our other location in The Pas" said Craig Cameron, President & CEO of Paragon. "This acquisition will be the first planned utilization of the recently announced Canterbury convertible debenture financing and we look forward to the continued expansion of the new Paragon Community Pharmacy brand."

Paragon is headquartered in Kelowna, British Columbia and currently employs over 400 full and part time staff in its stores and offices. The Corporation owns and operates 17.5 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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