EquiTech Corporation: Private Placement

MAY 31, 2002

EDMONTON, ALBERTA--EquiTech Corporation (TSX Venture Exchange:EQT) is pleased to announce that, subject to regulatory approval, it has agreed to do a non-brokered private placement of up to $2,000,000. The private placement will consist of the issuance of

up to an aggregate of 1,142,857 common shares at a price of $1.75 per common share.

The proceeds from the private placement will be used for ongoing operations including pilot manufacturing of its lead compound and applications for investigational new drug approvals with the FDA and subsequent clinical trials.

EquiTech Corporation is a fully listed biopharmaceutical company that has a unique technology platform to develop Performance Enhanced Pharmaceuticals. EquiTech Corporation's lead compound is a fast absorbing oral medication for the treatment of moderate acute pain.

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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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