KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2008) - Paragon Pharmacies Limited ("Paragon" or the "Corporation") (TSX VENTURE:PGN) announces that an independent director, Mr. Brent Herman, has resigned effective October 27, 2008 thus allowing Paragon to meet a condition pertaining to the composition of the Board contemplated by the proposed debt conversion agreement with Canterbury Park. Negotiations with Canterbury Park continue and no assurance can be given that an agreement will be concluded.

About Paragon

Paragon is headquartered in Kelowna, British Columbia and currently employs over 500 full and part time staff in its stores and offices. The Corporation owns and operates 18.5 retail pharmacies, 3 central fill locations and 2 home healthcare stores in British Columbia, Alberta and Manitoba.

FOR FURTHER INFORMATION PLEASE CONTACT:

Paragon Pharmacies Limited
Randy Henderson
Interim CFO
(250) 491-3936
(250) 491-3950 (FAX)
Email: randy.henderson@paragonpharmacies.com
Website: www.paragonpharmacies.com

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.