ASC Reaches Settlement with Afexa Life Sciences Inc. (formerly CV Technologies Inc.)



    CALGARY, Aug. 6 /CNW/ - The Alberta Securities Commission (ASC) has
concluded a settlement with Afexa Life Sciences Inc. (formerly CV Technologies
Inc.), its former CEO Jacqueline Shan, its former CFO Gordon Brown and former
audit committee members Kit Chan, Harold Buddle and Hunter Wight. The
settlement relates to allegations that Afexa breached Alberta securities laws
continuous disclosure obligations and acted contrary to the public interest.

    
    Under terms of the settlement agreement:

    -   Afexa paid $400,000 in settlement and $40,000 in costs;
    -   Shan paid $100,000 in settlement, $25,000 in costs and has undertaken
        not to act as a director or officer of any issuer, except for her
        ongoing role as Afexa's Chief Scientific Officer, for five years;
    -   Brown paid $80,000 in settlement, $20,000 in costs and has undertaken
        not to act as a director or officer of any issuer for four years; and
    -   Chan, Buddle and Wight each paid $20,000 in settlement and $5,000 in
        costs.
    

    In the settlement agreement, Afexa acknowledged its 2006 year-end and
first quarter 2007 financial statements breached continuous disclosure
obligations to comply with Canadian generally accepted accounting principles
by wrongly recognizing revenue from Cold-fX sales to U.S. retailers. Afexa
filed financial restatements on June 14, 2007 that corrected the misstatement.
Afexa also acknowledged that it acted contrary to the public interest by not
adding certain facts to December 2006 and February 2007 news releases that
would have given context to statements about U.S. operations in those news
releases.
    A copy of the Settlement Agreement is available on the ASC website at
www.albertasecurities.com.

    The ASC is the regulatory agency responsible for administering the
province's securities laws. Its role is to foster a fair and efficient capital
markets in Alberta and to protect investors. As a member of the Canadian
Securities Administrators, the ASC works to improve, coordinate and harmonize
the regulation of Canada's capital markets.





For further information:

For further information: For Media Inquiries: Mark Dickey, Senior
Communications Advisor, (403) 297-4481; For Investor Inquiries: ASC Public
Inquiries, Toll Free 1-877-355-4488


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