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CV Technologies Announces Private Placement

EDMONTON, ALBERTA -- (TSX-VEN: CVQ) CV Technologies Inc. ("CVT" or the "Corporation") announced today that it intends to issue, on a private placement basis to related parties of the Corporation and their associates, up to 25,500,000 units at a price of $0.10 per unit, for total gross proceeds of up to $2,550,000. $550,000 of such gross proceeds are anticipated to be received on closing, resulting in the issuance of 5,500,000 units, with the 20,000,000 balance of the Units to be issued, at the option of the Corporation, in tranches of up to 2,500,000 Units every three months commencing not later than October 31, 2003. Any of such Units not issued during a three month period will remain available for issuance at the option of the Corporation until October 31, 2005. The Units in respect of each tranche will not be issued until payment therefor has been received by the Corporation. Each unit consists of one common share and one common share purchase warrant. The common share p urchase warrants are exercisable into common shares of CVT at a price of $0.12 per common share and expire on the date which is two years from the issuance of the respective Units. The Unit subscription price of $0.10 and the exercise price of the common share purchase warrants of $0.12 was, in keeping with the policies of the TSX Venture Exchange, based upon the closing price of the common shares of $0.12 on April 24, 2003, subsequent to which the TSX Venture Exchange reviewed the Corporation's application of the same date. Negotiations in respect of the financing were concluded following the close of market today.

Closing of the offering is anticipated to occur in early May, and the proceeds from the offering will be used to strategically enhance the sales and marketing of our branded products and for general working capital purposes.

This offering is subject to regulatory approval and any securities issued shall be subject to applicable hold periods.

Jackie Shan, CVT's President, interim CEO & Chief Scientific Officer, noted that this investment reflects the continued belief in CVT and its products, by investors. CVT will use the funds to develop additional sales & marketing initiatives, which will aggressively support the growth of the COLD-FX r brand. COLD-FX, is a Daily Immune Nutrient that has been clinically proven to reduce the risk of certain laboratory confirmed upper respiratory viral infections, when consumed as a daily nutrient.

More information about CV Technologies, Inc. can be found at and, and more information about Cold-FX can be found at

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.

Jackie Shan, Ph.D., D.Sc., President, interim CEO & CSO, CV Technologies, (780) 989-4476,

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