NEWS Release

US$5.1 Million Convertible Debenture

Date: May 17, 2004

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

International Wex Technologies Inc. ("Wex" or the "Company") is pleased to announce that its wholly owned subsidiary, Wex Medical Limited, has agreed in principle to issue unsecured convertible debentures in the aggregate principal of US$5.1 million (the "Debentures") to major Asian financial institutions. This issue is non-brokered and no commissions or finders' fee will be payable.

The Debentures will have a term of 5 years and will carry an annual coupon of 5.5% payable semi anually. The Debentures will be guaranteed by Wex. The Debentures will be convertible at the option of the holders at any time until maturity into common shares of Wex at a conversion price of CDN$5.00 per share, a bonus amount of 4% of the face value of any of the Debentures converted within the first year. Wex may at its option force conversion of the Debentures provided the daily closing price of common shares in Wex equals or exceeds CDN$7.50 per share for 10 consecutive trading days. The issuance of the Debentures will be subject to the approval of the Toronto Stock exchange. Closing is expected to occur within 30 days.

Currently, and prior to the issuance of the Debentures the Company has approximately CDN$18 million in cash which has been designed primarily for operations, clinical development in Canada and regulatory filings in the USA. wex has begun enrollment for Canadian Phase IIb/III clinical trials for Tectin™. The Company has also made preparations for a non-cancer refractory pain study and a Phase IIa Tetrodin™ trial this year.

The net proceeds of the issue will be used in the Company's Asian operations, primarily for continuing research projects, clinical developments in China, working capital, and other general corporate purposes. The new capital will accelarate Wex's product and clinical development in China, which will support the Company's clinical and product development in Canada, USA and Europe.

International Wex Technologies Inc. is publicly listed neuro-bioscience company (WXI) focused on the development and commercialization of innovative drug products, primarily for pain management. The Company's lead compound, Tetrodotoxin, is a sodium channel blocker and is the platform for the Company's development of a portfolio of proprietary products in the field of analgesia, drug addiction withdrawal treatment, and local anaesthesia.

For additional information on our products visit us at http://www.wextech.ca or call Don Evans or Gordon Stanley, Corporate Communications at 604-683-8880, or at 1-800-722-7549.

Per: Donna Shum, Corporate Secretary

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