Press Releases

March 4, 2010

PARAGON PHARMACIES LIMITED NAMES NEW CEO

Kelowna, BC – Martin Weinberg, Chairman of the Board of Directors of Paragon Pharmacies Limited (“Paragon” or “the Company”) announced today the appointment of Robert (Gordon) Gooding, CA, as the Chief Executive Officer for the Company. 

This appointment, which is effective April 1, 2010, is the culmination of an extensive search process that began in August 2009 upon the departure of the previous President. 

Mr. Weinberg says, “Gordon brings extensive experience in the retail sector having served as CEO, President and Chief Financial Officer of a U.S. retail organization he established and grew to a 50-store chain.  Gordon’s knowledge in merchandising and general management together with his financial background will provide the leadership necessary to allow Paragon to move forward on its goal to be the premier mid-market community-based pharmacy.”

The Board of Directors also thanks Denis Taillieu for his leadership and guidance as acting Chief Executive Officer during the search period.  Mr. Taillieu also served as interim CFO prior to taking on duties as CEO.  Mr. Taillieu is also a member of the Board of Directors and Audit Committee and will continue in this capacity while, at the same time, ensuring a smooth transition as Mr. Gooding assumes his new role.

Paragon Pharmacies Limited is building a pharmacy with our customers in mind. Headquartered in Kelowna, BC and employing over 400 staff, Paragon currently owns and operates 19 retail pharmacies and three central fill pharmacies throughout British Columbia, Alberta and Manitoba. Paragon is a leading mid-market pharmacy, providing premier pharmacy services in a friendly, community-focused environment.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements regarding, among other things, the Company’s beliefs, plans, objectives, strategies, estimates, intentions and expectations, including as they relate to its operating and financial results, capital expenditures and the ability to execute on its operating, investing and financing strategies.  Consequently, actual results and events may differ materially from those included in, contemplated or implied by such forward looking statements for a variety of reasons.  Forward-looking statements are subject to inherent risks and uncertainties including, but not limited to, market and general economic conditions, certain property and casualty risks, the ability to attract and retain pharmacists, the availability and terms of financing, changes in the Company’s relationship with its key suppliers, competitive factors, changes in regulatory environments affecting the Company’s business, and the accuracy in management’s assumptions (see “RISKS AND RISK MANAGEMENT” as noted in the Company’s Management’s Discussion & Analysis posted on SEDAR at www.sedar.com).  This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements.  Investors and others should carefully consider these and other factors and not place undue reliance on these forward-looking statements.  In addition, these forward-looking statements relate to the date on which they were made and the Company disclaims and has no intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Martin Weinberg, Chairman of the Board of Directors

Paragon Pharmacies Limited

T:  (250) 868-8400    F: (250) 868-8402

www.paragonpharmacies.com