Edmonton, Alberta - CV Technologies Inc. (TSX-VEN:CVQ) announced today the closing of several private placements for gross proceeds to the corporation of $67,837.50. Pursuant to these private placements CVT will issue, pending exchange approval, 678,375 common shares at $0.10 per common share of the corporation, and 553,375 warrants. Each warrant entitles the holder thereof to purchase one additional Common Share of the corporation at the exercise price of $0.10 at any time prior to September 25, 2002.
Mr. Kim Lucas stated that this capital investment will aid in CVT's marketing efforts with its natural health products, such as COLD-FX(r), AD-FX(r), REMEMBER-FX(r), CELL-FX(r) and PRESSURE-FX(r). While it is a small investment, it comes at a tough time for financing for the industry and represents the markets continued confidence in CVT's business plan: to continue to market and sell its products in North America, while aggressively seeking business partner(s) for US and World-wide success. CV Technologies may continue to pursue further private placements in the future, market conditions permitting.
More information about CV Technologies, Inc. can be found at www.cvtechnologies.com and www.sedar.com
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 enrolment 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.
For further information, please contact:
Ivan Dijkstra, M.B.A., B.Sc., Director of Operations,
(780) 431-0431 ext. 224, [email protected]