PGN Pgnx Capital Corporation

Paragon Pharmacies Limited ("Paragon" or the "corporation") (TSX VENTURE:PGN)
today reported its financial results for the first quarter of 2008-09, ending
November 30, 2008.


Revenue was $21.783 million compared to $17.677 million in the same period last
year, an increase of $4.106 million or 23.2 per cent. Gross margin was up 31.3
per cent or $7.644 million in the first quarter compared to $5.824 million in
the same period last year. Both increases were primarily the result of last
year's acquisitions of Alentex, Teulon, and Westcoast and Okanagan central fill
pharmacies.


Operating income was $1.772 million in the first quarter compared to $1.260
million in the same period last year, an increase of $0.512 million or 40.7 per
cent. The net loss for the quarter was $6.392 million compared to $1.893 million
in the same period last year. The increase was principally due to costs
associated with the completion of the note conversion and share subscription
agreement with Canterbury Park.


The corporation increased its total retail square footage to approximately
130,000 square feet with the opening of its 5th retail pharmacy in the Kelowna,
BC marketplace. This progressive, full format pharmacy features signature
cosmetics, giftware and home healthcare departments along with an adjacent
medical clinic.


Paragon president Lorraine McGrath, named to the position during the quarter,
said the management team is embarking on a corporate-wide evaluation of the
business.


"We have been reviewing all opportunities to improve our bottom line including
revenue, gross margins, operating and corporate costs. Aggressive initiatives
are underway which we anticipate will result in improved company performance in
future quarters."


Ms. McGrath also noted that another member of Paragon's executive team, Ron
Lane, President of Operations, was also appointed during the quarter. Mr. Lane
was previously responsible for pharmacy and health and beauty care operations
for a large Western Canadaian based retailer. In addition, Denis Taillieu was
appointed as interim CFO. Mr. Taillieu is a director of the corporation and
serves as CFO of Canterbury Park, a shareholder.


In addition to bottom line initiatives, the management team will be integrating
its systems, processes and operations to become more efficient, as the company
positions for future growth opportunities.


The Company's unaudited consolidated financial statements and Management's
Discussion and Analysis for the three month period ended November 30, 2008 are
available at the Investor Relations section of the Company's website at
www.paragonpharmacies.com, or under the Company's profile on SEDAR at
www.sedar.com.


Paragon owns and operates a network of community pharmacies in British Columbia,
Alberta and Manitoba. The publicly-traded company owns 18.5 community
pharmacies, three central fill pharmacies and one home healthcare store. As one
of the largest providers of community-based pharmacy and health-related services
in Western Canada, Paragon is committed to offering the best treatments,
products and services to restore, maintain and improve its customers' quality of
life. Headquartered in Kelowna, BC, Paragon currently employs over 450 full and
part time staff.

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