EDMONTON, ALBERTA--(CCNMatthews - July 17, 2006) - CV Technologies Inc. (TSX:CVQ), maker of COLD-fXTM, today announced that it has reached an agreement to begin construction of a facility to house its corporate headquarters and research and development activities. The building is estimated to cost up to $9.5 million and would be financed with bank debt of up to $4.7 million. It will be located in the Edmonton Research Park operated by the Edmonton Economic Development Corporation (EEDC).
The 28,320 sq. ft. two-storey Edmonton building will be located on a 4.6 acre parcel of land leased by the Company under EEDC’s Biotechnology Lease Program. Construction is set to begin immediately with completion scheduled for the middle of 2007.
CV Technologies Inc. president, CEO & Chief Scientific Officer Dr. Jacqueline Shan says, “We have outgrown our current leased facilities. Building our own headquarters and research and development centre will support our long term vision.”
The Company maintains its corporate sales and marketing office in Toronto and recently has established a U.S. company with offices in Chicago.
ABOUT CV TECHNOLOGIES INC.
CV Technologies, founded in 1992, is a global leader in the development and commercialization of naturally derived, evidence based, clinically tested medicines for disease prevention and health maintenance. The Company’s lead product - COLD-fXTM - the top selling cold and flu remedy in Canada according to ACNielsen, strengthens the immune system and is widely used as a leading over the counter remedy (OTC) for preventing and relieving cold and flu infections. COLD-fXTM, with its unique and patented mechanism of action was standardized according to the Company’s ChemBioPrint (CBP) Process. The CBP process precisely identifies the chemical profile and biological activity of multi-active compounds in evidence-based natural therapeutics. The CBP process also provides a manufacturing protocol that ensures each batch of the final product delivers verifiable and provable health benefits.
This news release contains forward-looking statements that are subject to risks and uncertainties that may cause actual results or events to differ materially from the results or events predicted in this discussion, including those comments predicting timing and costs of building the new facility, the timing and/or initiation of clinical trials, clinical trial results and associated regulatory clearances, entry and timing of entry into the U.S. market and the potential success of such initiatives. Factors which could cause actual results or events to differ include, but are not limited to: the impact of competition; consumer confidence and spending levels; general economic conditions; interest and currency exchange rates; unseasonable weather patterns; the cost and availability of capital; the cost and availability of grants/funding; product development and the risk that clinical trials may not demonstrate the safety and efficacy required to satisfy the regulatory authorities. Although we believe that the forward-looking statements contained herein are reasonable, we can give no assurance that our expectations are correct and that the results, performance or achievements expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
CONTACT INFORMATION MEDIA CONTACT: CV Technologies Inc. Warren Michaels, Vice President, Communications (780) 432-0022 Email: warren.michaels@cvtechnologies.com
or
INVESTOR CONTACT: CV Technologies Inc. Jane Tulloch, Director, Investor Relations (780) 577-3724 Email: jane.tulloch@cvtechnologies.com Website: www.cvtechnologies.com / www.coldfx.com
