JULY 3, 2002

Edmonton, Canada – EquiTech Corporation (TSX Venture Exchange: EQT) (" EquiTech") announces that, in accordance with the policies of the TSX Venture Exchange, an option to purchase 100,000 common shares will be granted to each of WBC Consulting (2000) Inc. and Foundation Equity Corporation, for services provided to EquiTech, each at a price of $0.90 per

common share with an expiry date of July 2, 2004, subject to regulatory approval.

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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