JANUARY 13, 2003 - 17:33 EST

Equitech Corporation Announces Private Placement

EDMONTON, ALBERTA--Equitech Corporation (TSX Venture Exchange:EQT) is pleased to announce that it has closed a private placement of $374,200 for 498,933 Units. Each Unit includes one common share and one common share purchase warrant. The one common share purchase warrant expires 6 months after the date of issue of the Units and has an exercise price of $2.00. The proceeds from the private placement will be used for ongoing operations.

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 moderate to 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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