Paragon Pharmacies Limited

Paragon Pharmacies Limited

December 28, 2006 19:34 ET

Paragon Pharmacies Limited Announces That It Has Postponed Closing of Its Previously Announced Private Placement

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Dec. 28, 2006) -

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Paragon Pharmacies Limited ("Paragon" or the "Corporation") (TSX VENTURE:PGN) announced today that closing of its previously announced financing (see media release issued on December 15, 2006) has been postponed to enable the Corporation to evaluate additional opportunities that have been presented to Paragon.

Paragon is headquartered in Kelowna, British Columbia and currently employs over 355 full and part time staff in its stores and offices. The Corporation currently owns and operates 17.5 retail pharmacies and 2 home healthcare stores in British Columbia and Alberta. 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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