CV Technologies Corporate Update

Edmonton, Alberta - CV Technologies Inc. (TSX-VEN:CVQ) today announced that Dr. Jacqueline Shan, CVT's co-founder, COO & Sr. Vice-President Research and Development, has been appointed President and Chief Scientific Officer, by the Board of Directors.

Mr. Kimmo Lucas, President & CEO has resigned from the company, effective January 23, 2003. Dr. Shan will assume interim CEO duties, and she notes: "The Board of Directors accepted the resignation of Mr. Lucas and thanks him for his contribution to the Company during the past year."

More information about CV Technologies, Inc. can be found at and

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.


CONTACTS: Jackie Shan, Ph.D., D.Sc., President & CSO, CV Technologies, (780) 989-4476, [email protected]

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