News Release

Closing of non-brokered Private Placement

Date: February 24, 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 it has closed a non-brokered private placement previously announced on January 14, 2003 for 500,000 shares in an oversubscribed amount for a total of 585,860 shares. The Company had obtained approval from the TSX Venture Exchange to accept subscription from placees on the over-subscription amount. The private placement was closed with the following details:

Shares: Shares are issued in two tranches. 66,800 shares @$2.04 per share, with hold period expiring on February 11, 2003; and 519,060 shares @$2.04 per shares with hold period expiring on February 15, 2003. Warrants: A total of 585,860 non-transferable warrants to purchase 585,860 shares @$2.20 per share during the first year & @$2.64 per share during the second year.

Placees: 11 placees participated.
Finder's Fee: $47,280.00 in cash paid to Mr. Wang Xu
$20,400.00 in cash paid to Mr. Edward Yue

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.