Paragon Pharmacies Limited

Paragon Pharmacies Limited

October 08, 2010 17:12 ET

Paragon Pharmacies Limited Announces Renewal of Normal Course Issuer Bid for Its Common Shares

KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 8, 2010) - Paragon Pharmacies Limited ("Paragon") (TSX VENTURE:PGN) is pleased to announce that the TSXV Venture Exchange ("TSXV") has accepted Paragon's Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as Paragon considers advisable, up to a maximum of 4,637,794 common shares (the "Common Shares"). The maximum number of Common Shares to be purchased pursuant to the Bid represents 5% of the issued and outstanding Common Shares at the date hereof. Purchases of Common Shares will be made on the open market through the facilities of the TSXV. The price which Paragon will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSXV at the time of such purchase. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by Paragon.

The Bid will commence on October 12, 2010 and will terminate on October 11, 2011 or such earlier time as the Bid is completed or terminated at the option of Paragon. Paragon has retained CIBC World Markets Inc. as its broker to conduct the normal course issuer bid on its behalf.

Management of Paragon believes that, from time to time, the market price of the Common Shares may not fully reflect the underlying value of the Common Shares and that at such times the purchase of Common Shares would be in the best interests of Paragon. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders. In addition, the purchases by Paragon may increase liquidity to shareholders wishing to sell their Common Shares.

Forward Looking Statements

This press release contains forward-looking statements regarding, among other things, the Company's beliefs, plans, objectives, strategies, estimates, intentions and expectations, including as they relate to its operating and financial results, capital expenditures and the ability to execute on its operating, investing and financing strategies. Consequently, actual results and events may differ materially from those included in, contemplated or implied by such forward looking statements for a variety of reasons. Forward-looking statements are subject to inherent risks and uncertainties including, but not limited to, market and general economic conditions, certain property and casualty risks, the ability to attract and retain pharmacists, the availability and terms of financing, changes in the Company's relationship with its key suppliers, competitive factors, changes in regulatory environments affecting the Company's business, and the accuracy in management's assumptions (see "Risks And Risk Management" as noted in the Company's Management's Discussion & Analysis posted on SEDAR at This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Investors and others should carefully consider these and other factors and not place undue reliance on these forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made and the Company disclaims and has no intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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

Contact Information

  • Paragon Pharmacies Limited
    R. Gordon Gooding, CA
    Chief Executive Officer
    (250) 868-8400
    (250) 868-8402 (FAX)