NOVEMBER 18, 2002

EDMONTON, ALBERTA--EquiTech Corporation (TSX Venture Exchange:EQT - News) has re-priced its $2,000,000 private placement offering from $1.40 per unit as previously announced to $0.75 per unit. The private placement now consists of up to 2,666,667 Units, each comprised of one common share and one common share purchase warrant. Each warrant must be exercised at $2.00 within 6 months of the date of issue.

Northern Securities Inc. is acting as agent on the private placement. Northern Securities Inc. shall receive 8% commission and 8% broker warrants at the offering price exercisable within 18 months of issue of the warrants, based on the proceeds that they raise. Northern Securities Inc. shall receive 1% commission on anything which EquiTech Corporation raised prior to Northern Securities Inc.'s engagement.

EquiTech Corporation intends to close the private placement in three tranches. The first closing shall take place immediately, the second closing shall take place within 10 days of the first closing and the third and final closing, for the balance of the proceeds, shall take place on or about December 15, 2002. All closings are subject to regulatory approval.

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. The proceeds will also be used for additional drug development.

EquiTech Corporation's regulatory approval and development process has been enhanced and accelerated and the additional funds being raised pursuant to this private placement offering are required to meet the increased expenses associated with the accelerated programs. The accelerated programs and consequent increased expenses exceed what was anticipated at the time that EquiTech Corporation finalized its Qualifying Acquisition.

EquiTech Corporation is a biopharmaceutical company listed on the TSX Venture Exchange, which 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 mild to 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.

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