Edmonton, Canada – EquiTech Corporation (CDNX: EQT) (the "Corporation"). The Corporation is pleased to announce that at its Annual and Special Meeting of the Shareholders held on April 22, 2002, the Shareholders passed a resolution approving the Qualifying Transaction whereby all the issued and outstanding shares of Zagros Pharma Limited were exchanged for 1,102,941 common shares of the Corporation such that the Corporation on the date of the Qualifying Transaction becomes the 100% shareholder of Zagros Pharma Limited. In addition, the Shareholders have approved the issuance of common shares from the Corporation's treasury valued at $250,000 to the shareholders of Zagros Pharma Limited in equal proportionate amounts, provided a patent is issued for the Zagros Technology. Furthermore, the Corporation will issue to Dr. Fakhreddin Jamali 250,000 Common Shares at $0.68 per share in exchange for all right, title and interest in and to Dr. F. Jamali's non-racemic ibuprofen and COX-2 formulations and technology.

Also approved at the Meeting was a resolution to approve the Corporation's Stock Option Plan, in accordance with the policies of the Canadian Venture Exchange (the "Exchange"). In particular, the number of the Corporation's issued and listed securities that may be reserved for issuance under it does not exceed 10% of the issued and outstanding listed Common Shares.

The Corporation also wishes to announce that at the Annual and Special Meeting of the Shareholders Kerry Brown, Richard N. Edgar, Bruce D. Hirsche, Dr. Fakhreddin Jamali, Marcus Little, Yves Lussier and Dr. Antoine Noujaim were elected to the Board of Directors of the Corporation for the upcoming year.

At a subsequent meeting of the Board of Directors of the Corporation, the Directors approved the appointment of Kerry Brown as Chairman of the Board, James Chivers-Wilson, M. Sc., as Chief Executive Officer and President, Bruce D. Hirsche, Q. C. as Secretary and Colleen Ozee, B. Comm., as Chief Financial Officer.

The Corporation is developing new better performing medications that deliver pain relief quickly and effectively for the large and growing analgesic market.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities of the corporation have not been and will not be registered under the U. S. Securities Act, 1933, as amended, and subject to certain exemptions may not be offered or sold in the United States or to U. S. persons. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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