Artevo Corporation Completes Private Placement

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Artevo Corporation ("Artevo") (TSX VENTURE:AEV) announces that on July 31, 2008
it closed on $1,645,000 of its previously announced Private Placement (the
"Private Placement") for a total of $4,245,000. The Private Placement originally
consisted of the issuance of up to $4,000,000 of convertible debentures of Power
Play Art Ltd., a predecessor of Artevo (the "Artevo Debentures"), however,
Artevo received TSX Venture approval to exceed that amount by up to 10%. The
Artevo Debentures bear interest at a rate of 12% per annum payable quarterly,
are repayable in full two years from the date of issue, and will automatically
convert into common shares of Artevo (the "Common Shares") at a price of $0.50
per Common Share if the trading price of the Common Shares on the TSX Venture
exceeds $1.00 for ten consecutive trading days, and are convertible into Common
Shares at $0.50 per Common Share at the option of the holder at any time before
maturity. The proceeds made available through the sale of Artevo Debentures will
be used to initiate marketing strategies, enhance Artevo's web based
technologies, evaluate potential opportunities for acquisition, establish a
reserve for interest payments related to the Artevo Debentures for 12 months,
and for working capital to fund ongoing operations of Artevo.


Reader Advisory

"This news release contains certain forward-looking statements, which include
assumptions with respect to (i) future operations; and (ii) future capital
expenditure. The reader is cautioned that assumptions used in the preparation of
such information may prove to be incorrect. All such forward looking statements
involve substantial known and unknown risks and uncertainties, certain of which
are beyond Artevo's control. Such risks and uncertainties include, without
limitation, risks associated with, currency fluctuations, competition from other
companies, ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada, the United States
and overseas, industry conditions, changes in laws and regulations and changes
in how they are interpreted and enforced, increased competition, the lack of
availability of qualified personnel or management, fluctuations in foreign
exchange or interest rates, stock market volatility and market valuations of
companies with respect to announced transactions and the final valuations
thereof, and obtaining required approvals of regulatory authorities. Artevo's
actual results, performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements and, accordingly,
no assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them do so,
what benefits, including the amount of proceeds, that the Corporation will
derive therefrom. Readers are cautioned that the foregoing list of factors is
not exhaustive. All subsequent forward-looking statements, whether written or
oral, attributable to Artevo or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. Furthermore, the
forward-looking statements contained in this news release are made as at the
date of this news release and Artevo does not undertake any obligation to update
publicly or to revise any of the included forward-looking statements, whether as
a result of new information, future events or otherwise, except as may be
required by applicable securities laws."