March 22, 2002 CDNX-CVQ Edmonton, Alberta - CV Technologies (CDNX-CVQ) is pleased to announce today the appointment of Mr. Kim Lucas, to the position of Chief Executive Officer and President, effective April 22, 2002. Dr. Peter Pang, CVT's founder, will relinquish his interim role as CEO and President at that time. In addition today, CV Technologies is pleased to announce Dr. Bin Huang of Edmonton has joined the Board of Directors of CV Technologies.
Mr. Kim Lucas, MBA, comes to CV Technologies from 3M Pharmaceuticals, where he served as National Sales Manager. A key part of his role at 3M was to help re-establish a pharmaceutical presence for 3M in Canada. Prior to 3M, Kim held the position of General Manager at CIBC (Canadian Imperial Bank of Commerce) where he led a team of Financial Advisors. He has held various sales and sales Management positions with Aventis Pharma and has over 15 years experience in Sales and Marketing in the Pharmaceutical and other Industries.
Dr. Peter Pang stated: "The addition of Kim Lucas to CVT's management team gives CVT an experienced business executive with a Sales, Marketing and Finance background. As the company has been stabilized during the last twelve months, we look forward to working with Kim as we bring our premium natural health products to the market, and continue our search for a strategic partnership."
Dr. Bin Huang, MBA is an experienced business executive with scientific background. Since 1999 Dr. Huang is the President & CEO, and Director of Cytovax Biotechnologies Inc., an Edmonton based Biotechnology Company. Prior to joining Cytovax she was the VP Business Development for Monsanto Canada, where she was involved in various alliances, acquisitions and licenses in the pharmaceutical and agriculture fields. Dr. Huang has the unique distinction of having worked as a partner and biotech analyst at Griffiths McBurney & Partners. She has been involved in numerous corporate finance deals and was ranked as a top biotech analyst in Canada.
Dr. Peter Pang stated: "Dr. Huang brings to our Board financial and corporate development expertise in the biotechnology area. Her broad based knowledge will be a valuable asset to our board."
Also today, Mr. Ken Broadfoot has resigned as director of the Corporation. CVT would like to express its deepest appreciation to Mr. Broadfoot for his very valued contribution to CVT, and wish him the very best in his retirement.
With respect to the Information Circular dated January 25, 2002 for the Annual General & Special meeting of Shareholders to be held on Tuesday, March 26, 2002 management intends to vote the proxies received in favour for the election of directors as described in the Information Circular, in favour of the revised directors: Peter Pang, Bruce Buchanan, Jacqueline Shan, Bin Huang, Robert Church, and Richard Lewanchuk.
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. For this purpose, any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "intends", "expects" and similar expressions are intended to identify forward-looking statements. Such risks and uncertainties include, but are not limited to, the need for capital, changing market conditions, completion of clinical trials, patient enrollment rates, uncertainty of pre-clinical, retrospective and early clinical trial results, the establishment of manufacturing processes and new corporate alliances, the timely development, regulatory approval and market acceptance of the Company's products, and other risks detailed from time to time in the Company's filings with Canadian securities authorities.