Paragon Pharmacies Limited

Paragon Pharmacies Limited

November 15, 2008 15:09 ET

Paragon Pharmacies Limited: President and CEO Steps Down With New Executive Appointments

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2008) - Paragon Pharmacies Limited ("Paragon" or the "Company") (TSX VENTURE:PGN) announces that Craig Cameron, President and CEO, has stepped down from his position with the Company effective November 14, 2008. This follows Mr. Cameron's announcement on August 7, 2008 of his intention to leave Paragon upon the selection of his replacement. The Company announced on November 14, 2008 the appointment of Lorraine McGrath as President effective November 14, 2008.

Harold Milavsky, Chairman of the Board commented, "The Board of Directors of Paragon commends Craig for his vision and leadership in building a leading pharmacy chain in Western Canada, thank him for all his hard work and wish him well in his future endeavours".

In addition, the Board of Directors have approved the granting of stock options under its stock option plan to Lorraine McGrath to acquire up to an aggregate of 300,000 common shares of Paragon (the "Stock Options"). The Stock Options are exercisable for a period of 5 years at a price of $0.225 per share, the last traded price of the Company's shares as of November 14, 2008, with vesting occurring at various times through 2011.

Paragon is headquartered in Kelowna, British Columbia and currently employs over 500 full and part time staff in its stores and offices. The Corporation owns and operates 18.5 retail pharmacies, three central fill pharmacies and two home healthcare operations in British Columbia, Alberta and Manitoba.

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

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