Edmonton, Alberta - CV Technologies Inc. (TSX-VEN:CVQ) today announced the signing of an agreement with True North Nutrition. The agreement focuses on sales and distribution with Natural Health Food retailers. Kim Lucas, CVT's President and CEO, commented that, "True North is an ideal fit for CVT. They have the capability to really drive our sales in this channel. They are a smaller distributor than we have used in the past, however their focus is on high quality, niche products as opposed to carrying a large quantity."
About True North: True North Nutrition is a Canadian based health food distributor dedicated to bringing retailers quality service and a varied selection on many of the world's leading edge supplements. They are a member of the Canadian Health Food Association and have been active in the natural supplement industry for over eight years. They look for high quality, niche products rather than a high quantity of products.
Mr Lucas further announced that CVT's flagship product, Cold-FX(r) will be test-marketed in 50 Wal-Mart stores this fall. "This is an exciting opportunity for CVT and for the consumer as it will make Cold-FX(r) even more widely available. If successful, Cold-FX(r) will then be carried in Canadian Wal-Mart stores."
Exchange Formal Approval Received: Further to the previously announced private placements, the exchange has now approved private placements for gross proceeds to the corporation of $67,837.50. Pursuant to these private placements CVT will issue 678,375 common shares at $0.10 per common share, and 553,375 warrants. Each warrant entitles the holder to purchase one additional Common Share of the corporation at the exercise price of $0.10 at any time prior to September 25, 2004. The shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period and may not be traded in Canada for four months except as permitted by the Securities Act and the Rules made there under, and the TSX Venture Exchange.
CV Technologies, Inc.'s vision is to empower personal wellness by becoming a global leader in the distribution, marketing and selling of safe and effective natural substances for disease prevention and health management. 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.
Kim Lucas, M.B.A., CFP, President & CEO, CV Technologies, Inc., (780) 989-4475, [email protected]