EDMONTON, ALBERTA--(CCNMatthews - May 9, 2006) - CV Technologies Inc. (TSX:CVQ), maker of COLD-fX(TM), today announced that a wholly owned subsidiary, COLD-fX Pharmaceuticals (USA) Inc., has been established to facilitate international expansion into the United States. The new company will now become active with the recent approval by the board of directors to market COLD-fX(TM) in the U.S., following Food and Drug Administration (FDA) clearance for its sale in the U.S. as a New Dietary Ingredient (NDI).
The U.S. Company will be located in Chicago and will have a substantive management presence. CV Technologies President, CEO and Chief Scientific Officer, Dr. Jacqueline Shan said, "We are encouraged by the early positive response from select retailers in the U.S. to distribute COLD-fX(TM). We are working hard to ensure the shelves are stocked in time for the cold and flu season this fall."
Company Director Resigns
The chairman of the board of CV Technologies, Gordon Tallman, has announced that effective today Bruce Buchanan has resigned as a board director for personal and family health reasons. Mr. Buchanan will continue to be available to the Company as an adviser to the board.
Mr. Tallman said, "The board accepted with regret Mr. Buchanan's resignation and passed a resolution recognizing his considerable contribution to the development and success of the Company, in particular his business advice and his support. Mr. Buchanan has served the Company well for six years and we appreciate the contribution he has made. He has helped build a great foundation for our future growth. We sincerely thank him, offer our gratitude and wish him well."
This brings the board to a complement of seven directors.
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-fX(TM), - the top selling cold and flu remedy in Canada according to ACNielsen, strengthens the immune system and is widely used as a leading anti-cold, anti-flu, non-prescription treatment. COLD-fX's unique, patented mechanism of action was developed and standardized according to the Company's ChemBioPrint (CBP) Process. The CBP process precisely identifies the chemical profile and biological activity of multi-active components in natural compounds. The CBP process provides a manufacturing protocol that ensures each batch of compound 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 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 entirely by this cautionary statement.