EquiTech Corporation: Amendment to Private Placement

JUNE 18, 2002

EDMONTON, ALBERTA--EquiTech Corporation (EQT - TSX Venture Exchange) ("EquiTech") is pleased to announce that it has amended the terms of its private placement originally offered on June 1, 2002. As a result of the current market conditions, the board of directors of EquiTech has reduced the subscription price of the private placement from $1.75 to $1.40. Furthermore, the offering has been amended from a common share offering to that of a unit offering such that the subscription is now an offering of a maximum of 1,428,571 Units at a price of $1.40 per Unit for gross proceeds of $2,000,000. Each Unit will consist of one (1) common share and one (1) common share purchase warrant ("Warrant") entitling the holder to purchase one (1) additional common share of the Corporation at a price of $2.00 per common share at any time until 4:30 p.m. (Edmonton time) on the first anniversary of the issue date of the Warrant. If the common shares of EquiTech trade at a price of $2.00 for at least 10 consecutive days, then each Warrant holder must exercise their warrants within 30 days starting from the 11th day of trade.

Equitech is a publicly listed biopharmaceutical company with a unique technology platform to create and develop better absorbing pharmaceutical products that are taken orally. Equitech'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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