News Release

License agreement sealed with closing of private placement

Date: January 3, 2003

TSX Venture Exchange Trading Symbol: WXI
http://www.wextech.ca
E-mail: wex@wextech.ca

International Wex Technologies Inc. (the "Company") is pleased to announce that its License and Collaboration partner for Europe, Laboratorios del Dr. Esteve S.A. ("Esteve") has completed its purchase of 673,913 shares at $2.30 Cdn. per share pursuant to a Non-Brokered Private Placement announced on November 29, 2002. The shares are issued with a hold period expiring on December 10, 2003.

With this collaboration, the Company will contribute all costs for the development of Tetrodotoxin-based pharmaceutical products outside Europe. Esteve will cover all European clinical development costs up to a maximum agreed upon amount. Furthermore, Esteve will pay installments to the Company as milestones are achieved within EMEA (European Agency for the Evaluation of Medicinal Products).

In the area of neuro-bioscience, the Company is focusing on the fields of pain management, drug addiction treatment and anaesthesia. The Company is developing products that contain a sodium channel blocking compound and derivatives extracted from natural organic substances using its proprietary manufacturing technology.

For additional information on our products, view the Company website at http://www.wextech.ca or call Howard Milne, V.P. Corporate Communications, at 604-683-8880 or 1-800-722-7549.

Per: Donna Shum, Corporate Secretary

The Canadian Venture Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.