EDMONTON, ALBERTA--(Marketwire - May 14, 2008) - CV Technologies Inc. (TSX:CVQ) today will officially open its new $11 million headquarters and research facilities in the Edmonton Research Park allowing it to ramp up product pipeline goals as part of a five-year business plan. The new centre houses eight laboratories for its 25-person research and product development team which includes 15 PhDs.
Company President, CEO and Chief Scientific Officer, Dr. Jacqueline Shan says the new facility "will provide the science and infrastructure required to successfully support our future growth plans. The new R&D facility will enable the Company to become a world class centre of excellence in the discovery and development of evidence-based natural health products (NHP) and nutraceuticals. Our goal is to become the first choice for companies wishing to engage in strategic partnerships for development and standardization of evidence-based natural ingredients utilizing the Company's patented ChemBioPrint® discovery and standardization technology. Equally importantly, this centre will support existing products and provide a pipeline engine." Last fall the Company rolled out a successful product extension to its highly popular lead product COLD-fX with an extra strength version.
Dr. Shan adds, "Discussions are continuing with potential strategic partners for the development and expansion of the Company's science to create new product opportunities worldwide through licensing, royalty, contract fees and service fees."
The Company has been recognized as a Canadian leader in scientific innovation for evidence-based naturally-derived health products. Research funding awards and financing have been provided by the National Research Council, the Alberta Heritage Foundation for Medical Research, the Alberta Ingenuity Fund and AVAC. Eighteen academic centres are part of the Company's current expert scientific collaborator network and have conducted trials or studies in areas such as immunology, infectious diseases, neurological health, blood pressure, lipid and glucose management.
Dr. Shan says, "We're a spin-off from the University of Alberta. Over the years we've been without a permanent home, moving from one leased facility to another. There have been efforts at times by others to have us relocate to other cities but it's wonderful to finally have a home of our own in the City that has contributed so much to our success."
Five-time Olympic medalist in speed skating and cycling Clara Hughes will be the headliner representing the Company this afternoon in opening ceremonies for the new headquarters and research and development centre.
The two-storey, 28,000 square foot building located in the Edmonton Research Park houses eight laboratories along with facilities for operations, public relations, finance, clinical, regulatory affairs, quality assurance and administration. The Company has 65 employees at its Edmonton location. Its sales and marketing divisions are located in leased offices in Toronto and a new office is scheduled to open in Montreal later this year. In total the company employs 85 people.
ABOUT CV TECHNOLOGIES INC.
CV Technologies, founded in 1992, strives to transform people's lives to be healthier and happier by focusing on prevention and recovery through the use of evidence-based naturally-derived health products. The Company's lead product COLD-fX® strengthens the immune system and is widely used as a leading over the counter remedy (OTC) for helping to prevent and relieve cold and flu infections. COLD-fX continues to rank as the number one selling cold and flu remedy in Canada (ACNielsen's MarketTrack Drug Service for Cold Remedies, Natural Supplements & Vitamins Categories for the 52 week period ending Mar 15, 2008.
Forward Looking Information
This news release contains certain forward-looking information within the meaning of applicable securities laws. The forward-looking information included in this document does not guarantee future performance and should not be unduly relied upon. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, without limitation: those comments predicting the timing and/or initiation of clinical trials, clinical trial results, and associated regulatory clearances, financing and acceptance of COLD-fX® in the marketplace. The use of any of the words "aims", "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "would", "project", "could", "should", "believe", "plans", "targets", "intends" and similar expressions are intended to identify forward-looking information. In addition this news release may contain forward-looking information pertaining to the following: the impact of competition; incidence of cold and flu; consumer confidence and spending levels; general economic conditions; unseasonable weather patterns; the cost and availability of capital; the cost and availability of grants/funding; and the Company's expectations regarding development and expansion of the Company's science to create new product opportunities worldwide through licensing, royalty, contract fees and government grants. The Company believes that the expectations and assumptions reflected in the forward-looking information contained herein are reasonable but no assurance can be given that these expectations and assumptions are correct and that the results, performance or achievements expressed in, or implied by, forward-looking information within this disclosure will occur, or if they do, that any benefits may be derived from them. All forward-looking information is expressly qualified in its entirety by this cautionary statement. The Company assumes no duty to update or revise forward looking information, except as may be required pursuant to applicable laws. The Company is a 12g3-2(b) SEC registrant.