Paragon Pharmacies Limited

Paragon Pharmacies Limited

April 17, 2007 12:07 ET

Paragon Receives Shareholder Approval for Canterbury Financing

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - April 17, 2007) - Paragon Pharmacies Limited ("Paragon" or the "Corporation") (TSX VENTURE:PGN) is pleased to announce that shareholders, represented in person or by proxy, voted over 99% in favour of the $23 million financing with Canterbury Park Capital L.P. and Canterbury Park Capital (U.S.) L.P, and related transaction documents (the "Canterbury Transaction") as more particularly described in Paragon's information circular dated March 16, 2007 (the "Information Circular") which is available for viewing on SEDAR at At the meeting, the shareholders also approved new By-laws for the Corporation and, effective on closing of the Canterbury Transaction, a reconstituted board of directors, all as described in the Information Circular.

The Canterbury Transaction is scheduled to close on or about April 30, 2007, or as soon as possible thereafter once all closing conditions have been satisfied.

Craig Cameron, President and Chief Executive Officer of Paragon commented "We are pleased to have received such a strong endorsement of the Canterbury Transaction from our shareholders and look forward to closing the financing which will enable the Corporation to continue with its business strategy of acquiring independent pharmacies across Canada."

Paragon is headquartered in Kelowna, British Columbia and currently employs over 355 full and part time staff in its stores and offices. The Corporation 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 proposed transaction and has neither approved nor disapproved the contents of this press release.

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