News Release

Letter of Intent Signed with Manhattan Scientific Corp.

Date: 1999/08/31

International Wex Technologies Inc. ("IWT") is pleased to announce that a letter of intent has been signed between IWT and Manhattan Scientific Corp. ("MSC"). A joint venture is to be formed to manufacture and market the device known as the HD-4 Multi-Domain Correlative Analysis, a.k.a. Cardiac Ultrra-phase Information Diagnosis Machine, a.k.a. EMPI Multi-phase Information Diagnosis, with U.S.A. Patent #5,029,082 dated July 2, 1991 in which the assignee is IWT.;

It is agreed that in furtherance of this intent, the parties will form a new corporation in which IWT will own 20% and MSC or its principals will own 80% of the shares of this corporation. This new corporation will be responsible for worldwide marketing, sales, clinical trial, demonstrations, symposia, etc. (excepting The Peoples' Republic of China and Taiwan).

MSC or its principals will pay to IWT the sum of US$1,000,000.00 (US one million dollars) for the right to manufacture, market and sell the technology which shall consist of a worldwide license or assignment from IWT of all its intellectual property rights under the above patent. The US$1,000,000.00 (US one million dollars) will be paid as follows: US$500,000.00 upon signing a formal JV agreement and the balance to be paid as determined and provided for in the said JV agreement.

The CEO of MSC is Mr. Sidney Baumgarten, J.D. Mr. Baumgarten holds degrees from Brown University and New York Law School and has held a number of legal, military and governmental positions, including Deputy Mayor of New York City, Assistant District Attorney, and Director Midtown Enforcement. He is the Chairman of the East Side Chamber of Commerce in Manhattan, and Chairman Emeritus of New York Therapeutic Communities. He remains active in the military reserves and is a battalion commander in the New York Guard. Mr. Bumgarten has been active for several years in the medical device/scientific equipment industry and has lectured worldwide on multi-domain cardiac diagnosis. In 1998 he was appointed as a visiting professor at the Heart Institute (Foundation University) in Brazil. He is also a member of the Association of Military Surgeons of U.S. and is a Senior Research Associate at Yale-Bridegeport Hospital in Connecticut.

Further details of the joint venture will be announced upon final signing which is expected to take place within 60 days.

IWT has developed a patented new product named Tetrodin(HT). Tetrodin(HT) is a non-narcotic pharmaceutical that has proven to be a safe and effective treatment for all opiate (heroin, opium, morphine, methadone, etc.) addictions. Tetrodin(HT) functions very well in both primary withdrawal treatment and abstinence maintenance (longer term use) of drug addiction.

For additional information on Tetrodin(HT), view the IWT website at http://www.wextech.ca or call Howard Milne at 604-683-8880 or 1-800-722-7549.

Per: Donna Shum, Corporate Secretary