PanGeo Pharma Announces Board Changes

MONTREAL, QUEBEC--PanGeo Pharma Inc. (PIL-TSX), today announced the appointments of Gary Ullman and Jim Youmans to the Board of Directors. These appointments are effective immediately.

Mr. Ullman brings a wealth of management and manufacturing experience to PanGeo. He spent most of his career with CCL Industries Inc., leaving that company in early 1994 as President and Chief Executive Officer of CCL Custom Manufacturing, its largest division. Prior to that Mr. Ullman was President and Chief Operating Officer of the parent company. During Mr. Ullman's 26 years with CCL, the company's sales grew from less than $20 million to over $1 billion through a combination of organic and acquisitive growth.

More recently, Mr. Ullman was President and Chief Executive Officer of Unitron Industries Ltd., a hearing aid manufacturing company that was voted one of the 50 Best Managed Private Companies in Canada for 2000. Unitron was recently sold to Phonak Holdings AG, a publicly traded Swiss Company, in 2002. Mr. Ullman is currently a director of Gateway Industries, Inc. a publicly traded pc-based marketing services company located in New York, New York and MacGregors Meat and Seafood Ltd., a private Toronto food processing company.

Mr. Youmans has spent his entire career in the pharmaceutical industry holding various executive operational, marketing and business planning positions with Eli Lilly and Company, Glaxo, Inc. (now GlaxoSmithKline plc), Ranbaxy Laboratories Limited, and Chief Operating Officer of Novartis Pharma AG. Mr. Youmans has held several board positions with subsidiaries of Novartis AG, GlaxoSmithKline plc and Ranbaxy Laboratories Limited and currently sits on the board of directors for Diabetogen Biosciences Inc., a London, Ontario, life sciences company.

Mr. Ullman and Mr. Youmans fill vacancies created by the resignation of Daniel Pharand and, more recently, David Appel and Bob Goodwin. The Board of Directors of PanGeo Pharma Inc. now consists of independent directors Gary Ullman, Jim Youmans, Chandra Panchal and Scott Kelly, and management directors, Ahmad Doroudian, PanGeo's Chief Executive Officer, and Sean Cleary, PanGeo's President.

PanGeo has developed to the point where the Board of Directors requires the experience and specific expertise of directors such as Mr. Ullman and Mr. Youmans. With the addition of these new directors the Board of Directors is better prepared to govern the company through its next level of growth and development. The Board of Directors is reviewing the Company's Governance Policies including a re-examination of the appropriate size of an effective board for the Company. It is expected that the results of this review will be reflected in the materials for the Company's upcoming annual meeting of shareholders expected to take place in June 2003.

About PanGeo:

PanGeo Pharma Inc. ( is a specialty pharmaceutical company with core competencies in pharmaceutical manufacturing and marketing. The company manufactures and supplies a range of specialty pharmaceutical products and services to Canadian and international markets.

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