Paragon Pharmacies Limited ("Paragon" or the "Corporation") (TSX VENTURE:PGN)
today announced that at the meeting of holders ("Shareholders") held today, the
Shareholders approved:




a.  the sale to Shoppers Drug Mart Inc. of substantially all of the assets
    of Paragon, which consists of 19 retail pharmacies and three central
    fill pharmacies located in British Columbia, Alberta and Manitoba (the
    "Transaction");
    
    
b.  the change of the Corporation's name to "PGNX Capital Corp.", or such
    other name as the board of directors of the Corporation (the "Board")
    deems appropriate (the "Name Change");
    
    
c.  the election of Randy Henderson, Bob Silver, Eric Stefanson, Denis
    Taillieu and Martin Weinberg to the Board;
    
    
d.  the reappointment of KPMG as auditors of the Corporation; and
    
    
e.  the current share option plan of the Corporation.



The completion of the Transaction is subject to certain customary closing
conditions, including final acceptance by the TSX Venture Exchange. The parties
anticipate that the Transaction will close and the Name Change will become
effective on August 1, 2012.


Further Information

Paragon Pharmacies Limited built 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.


For more information, visit www.helloparagon.com.

Cautionary Statement on Forward-Looking Information

This news release contains forward-looking information and statements which
constitute "forward-looking information" under Canadian securities law and which
may be material regarding, among other things, Paragon's beliefs, plans,
objectives, strategies, estimates, intentions and expectations. These include,
but are not limited to, statements with respect to the completion of the
Transaction. Forward-looking information and statements are typically identified
by words such as "anticipate", "believe", "expect", "estimate", "forecast",
"goal", "intend", "plan", "will", "may", "should", "could" and similar
expressions.


The forward-looking information and statements contained herein are based on
certain factors and assumptions, certain of which appear proximate to the
applicable forward-looking information and statements contained herein,
including assumptions as to the time required to prepare meeting materials for
the Paragon shareholder meeting, the timing of receipt of the necessary
regulatory approvals and the satisfaction of and time necessary to satisfy the
conditions to the closing of the Transaction. Such timing may change for a
number of reasons, including unforeseen delays in preparing meeting materials,
inability to secure necessary regulatory approvals in the time assumed or the
need for additional time to satisfy the conditions to the completion of the
Transaction. In addition, there are no assurances the Transaction will be
completed. In the event the Transaction is not completed, there will be no cash
distribution to Paragon shareholders. Accordingly, readers should not place
undue reliance on the forward- looking statements and information contained in
this news release. Readers are cautioned that the foregoing list is not
exhaustive.


Inherent in the forward-looking information and statements are known and unknown
risks, uncertainties and other factors beyond Paragon's ability to control or
predict, which give rise to the possibility that Paragon's predictions,
forecasts, expectations or conclusions will not prove to be accurate, that its
assumptions may not be correct and that its plans, objectives and statements
will not be achieved. Actual results or developments may differ materially from
those contemplated by the forward-looking information and statements.


All forward-looking statements made in this news release are qualified by the
full caution regarding Forward-Looking Information and Statements in such
Management's Discussion and Analysis. These risks, factors, estimates and
assumptions are not exhaustive. Paragon disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, or to explain any material difference
between subsequent actual events and such forward-looking statements, except to
the extent required by applicable law.
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