CV TECHNOLOGIES BUSINESS UPDATE: CVT PARTNERS WITH CROSS BORDER PHARMACY TO SELL COLD-FX'R' IN THE U.S.
CV Technologies Inc. has issued a shareholders advisory on company happenings of note, which include the following:
On Nov. 12, 2004, CVT entered into a distribution agreement with Extended Care Pharmacy (ECP), headquartered in Calgary, to sell Cold-fX directly to ECP's customers in United States as well as indirectly to other cross-border pharmacies in Canada. ECP's president, Andy Troszok, says: "We are very excited about this agreement since our preliminary customer surveys tell us there is a high level of interest in products such as Cold-fX. This, coupled with a shortage of flu vaccines in the United States, presents a very interesting opportunity for both Extended Care Pharmacy and CVT." Extended Care Pharmacy is one of approximately 150 Canadian cross-border pharmacies which specialize in providing prescription drugs into the massive United States pharmaceutical market. Currently, that market is estimated at $1-billion annually. CVT's president and chief executive officer, Dr. Jacqueline Shan, says: "Selling Cold-fX to United States consumers through cross-border pharmacies located in Canada is a good way for our company to start developing product awareness. This will also give us a chance to determine consumer acceptance of Cold-fX in the United States without compromising our current focus on expanding and strengthening our Canadian market. Cold-fX is the first-ever natural health product to successfully complete an FDA (Food and Drug Administration)-regulated phase II, double-blind, placebo-controlled clinical trial. The study was conducted at five United States nursing homes and showed that Cold-fX reduced laboratory confirmed upper respiratory infection induced by influenza and respiratory syncytial virus by 89 per cent.
"As a result of media coverage of the recent announcement of the results of our seventh clinical trial conducted by Edmonton's medical officer of health and a senior researcher at the University of Alberta, coupled with promotional advertising and merchandising support featuring Don Cherry, a significant increase in consumer demand for Cold-fX is continuing on a national basis. Major retailers are experiencing strong sales across all channels with significant repeat orders and full national distribution will help to sustain sales growth of Cold-fX across Canada. This is the first winter with retail penetration within Quebec and combined with stronger Ontario distribution, this should help drive our sales growth and support our Canadian business. The flu season has created much concern among Canadians and Cold-fX is proven to be a safe complement to the flu shot."
Remember-fX, the newest product to be rolled out by CVT, is posting strong sales and increased distribution. Continued marketing efforts are planned for this science-based product, which helps promote mental alertness and memory enhancement.
CVT's partnership with elite athletes has entered a new phase. Recognizing that CFL teams are supporters and strong users of Cold-fX, CVT is pleased to announce that it is a proud sponsor of the 2004 Grey Cup and the CFL. Cold-fX is the CFL'S choice for the prevention and relief of colds and flu. Cold-fX has exposure during the conference playoff games in Toronto, Montreal and the Grey Cup within Ottawa.
CVT is a finalist for the 2004 BioAlberta Awards, and a nominee for Alberta Venture magazine's list of the "30 Fastest Growing Companies in Alberta."
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