EquiTech Corporation announces year-end results

TSX Venture Exchange Symbol: EQT

EDMONTON, AB, May 15 /CNW/ - EquiTech Corporation (TSX-V:EQT) ("EquiTech"), a specialty pharmaceutical company focused on improving the effectiveness of existing medications, today announced it has received the final installment from a $150,000 grant from the Alberta Heritage Foundation for Medical Research (AHFMR).

"This latest show of support from AHFMR highlights the progress we have been making recently," said James Chivers-Wilson, EquiTech's President and CEO. "Advances to our fast-absorbing ibuprofen compound triggered the milestone payment and we look forward to reporting further progress towards commercialization."

EquiTech receives the latest $75,000 installment from the Technology Commercialization (TC) Program of the AHFMR. The TC Program is an Alberta-based program that funds early stage, health-related and scientifically sound projects that show real commercial promise.

EquiTech's lead compound, ZAG-1701, a fast-absorbing ibuprofen, has been developed using the Company's patent-pending absorption enhancing technology. As demonstrated in EquiTech's laboratory, ZAG-1701 has the potential to be more rapidly absorbed into the bloodstream which may result in more rapid onset of pain relief when compared to existing over-the-counter pain relief medications. The worldwide pain medication market is valued at more than US$23 billion, with an annual growth rate of approximately 3.5%.

EquiTech's Annual General Meeting will be held on Wednesday May 21, 2003 at 3:00pm MST at the Telus Centre for Professional Development, Edmonton, Alberta.

About EquiTech Corporation

EquiTech Corporation is a specialty pharmaceutical company with patent pending technology to create and develop better absorbing pharmaceutical products that are taken orally. EquiTech's lead compound is a fast absorbing ibuprofen for the treatment of moderate acute pain. EquiTech trades on the TSX Venture Exchange under the symbol EQT and currently has approximately 6.5 million common shares outstanding. For further information, visit www.equitechcorporation.com.

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. This press release may contain forward-looking statements, i.e. information that is not strictly historical, concerning EquiTech's business and prospects.

Forward-looking statements are subject to a number of risks and uncertainties. Actual events and results may differ materially from those discussed in this press release, due to factors including research, development, commercial and market risks.

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

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For further information: please contact: Jay Hussey, Investor Relations, The Equicom Group Inc., (416) 815-0700 ext.223, jhussey@equicomgroup.com; James A. Chivers-Wilson, President & CEO, EquiTech Corporation, (780) 430-1633

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