NEWS Release

Wex Amends Financial Disclosure for the First Quarter Ended June 30, 2004

"As a result of a review by the British Columbia Securities Commission (BCSC), we are issuing the following press release to clarify our disclosure". 

Date: September 24, 2004

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

Vancouver, September 24, 2004 - International Wex Technologies Inc. (TSX: WXI), a pharmaceutical company developing drugs for the management of pain, today announced it has filed amended financial results for the first quarter ended June 30, 2004. The company has amended the presentation to comply with the CICA Handbook section 3860, Financial Instruments - Disclosure and Presentation . A portion of the $6.8 million convertible debenture which was shown as a Liability should have been allocated to Shareholders Equity.

Accordingly, we are restating our June 30, 2004 balance sheet showing a reduction in the Debenture Liability by $2,345,171 with a corresponding increase in Shareholders Equity.  The loss for this period which was stated as $4,270,028 in our previous statement has now been increased to $4,283,979.

There have been no changes to the terms or conditions of this debenture. 

About International Wex Technologies Inc.

International Wex Technologies Inc. is a pharmaceutical company dedicated to the discovery of new therapeutic agents for the treatment of moderate to severe pain, symptom relief associated with addiction withdrawal from opioid abuse, and medicines designed for local and regional anaesthesia. The Company's principle business strategy is to derive drugs from naturally occurring toxins and develop proprietary products for North American, European and international markets. The Company also generates revenues from sales of generic products manufactured at its facility in China .

Forward Looking Statement Disclaimer

Statements in this news release are forward-looking statements which may not be based on historical fact, including without limitation statements containing the words "believe", "may", "plan", "will", "estimate", "anticipates", "intends", "expects" and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events

or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, WEX's stage of development, product revenues which are difficult to predict, foreign currency exchange risk, additional capital requirements, risks associated with the completion of clinical trials, the ability to protect its

intellectual property and dependence on collaborative partners. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.

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

Per: Donna Shum, Corporate Secretary

______________________________________________________________________

Consolidated Financial Statements

International Wex Technologies Inc

Incorporated Under the laws of Canada

CONSOLIDATED BALANCE SHEETS

UNDAUDITED

(Expressed in Canadian Dollars)                                June 30,             March 31,

                                                                                           2004                    2004

                                                                                              $                          $

ASSETS

Current

Cash and cash equivalents                                        14,121,139              8,301,863

Restricted cash                                                                            -                 209,336

Short-term investments                                              10,023,000            10,023,000

Current portion of recoverable deposit [note 2]               125,000                           -

Accounts and other receivables                                        260,986                199,083

Investment tax credit receivable                                      100,000                 100,000

Inventories                                                                         50,637                   38,748

Prepaid expenses and deposits                                       929,971                 884,906

Total current assets                                                   25,610,733            19,756,936

Long term portion of rental deposits [note 2]                   125,000                           -

Property and equipment [note 3]                                   1,880,773             1,556,493

Intangible assets [note 4]                                              4,919,866             4,899,813

                                                                                    32,536,372           26,213,242

LIABILITIES AND SHAREHOLDERS' EQUITY

Current

Accounts payable and accrued liabilities                            605,795               818,396

Due to directors [note 5]                                                        4,760                 99,831

Deferred revenue - current portion [note 6]                      316,540                316,540

Current portion of capital lease obligations                         22,921                  25,629

Total current liabilities                                                     950,016             1,260,396

Deferred revenue [note 6]                                                 764,972                844,107

Capital lease obligations                                                      47,788                  50,270

Debenture [note 7]                                                         4,504,949                          -

Total liabilities                                                               6,267,725             2,154,773

Commitments [note 8 ]

Shareholders' equity

Share capital [notes 9[b] and 9[c]]                                56,836,686          55,161,562

Equity component of convertible debenture [note 7]      2,345,171                         -

Contributed surplus [note 9[e]]                                       4,997,078            2,523,216

Deficit                                                                          (37,910,288)       (33,626,309)

Total shareholders' equity                                          26,268,647          24,058,469

                                                                                     32,536,372          26,213,242

See accompanying notes on SEDAR

These consolidated financial statements have not been reviewed on behalf of the shareholders by the independent external auditors of the Company.

______________________________________________________________________

CONSOLIDATED STATEMENTS OF
OPERATIONS AND DEFICIT

UNDAUDITED

(Expressed in Canadian Dollars)                                           Three Months Ended

                                                                                              June 30,           June 30,

                                                                                                   2004                 2003

                                                                                                      $                       $__

                                                                                                                      [Restated -

                                                                                                                     See note 6]

Revenue

Product sales [notes 10 and 11]                                              136,199             73,498

License fees [notes 10 and 11]                                                  79,135             79,135

                                                                                                215,334           152,633

Cost of goods sold - product sales                                            84,728             62,331

                                                                                                130,606             90,302

Expenses

Research and development [notes 9[e], 5]                           1,923,581          471,469

General and administrative [notes 9[e], 5]                           2,004,420           405,202

Amortization                                                                             196,005          105,072

                                                                                             4,124,006           981,743

Operating loss                                                                    (3,993,400)        (891,441)

Other

Interest and sundry income                                                       63,285             12,176

Debenture Interest expense                                                    (31,376)                    -

Foreign exchange loss                                                           (322,488)          (53,448)

                                                                                              (290,579)          (41,272)

Loss for the period                                                            (4,283,979)        (932,713)

Deficit, beginning of period                                                 (33,626,309)    (25,884,499)

Deficit, end of period                                                      (37,910,288)   (26,817,212)

Basic and diluted loss per share [note 9[g]]                                   (0.13)               (0.04)

Weighted average number of common shares
outstanding [note 9[g]]                                                      32,257,778       22,283,016

See accompanying notes on SEDAR

These consolidated financial statements have not been reviewed on behalf of the shareholders by the independent external auditors of the Company.

______________________________________________________________________

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNDAUDITED

(Expressed in Canadian Dollars)                                          Three Months Ended

                                                                                                  June 30,        June 30,

                                                                                                       2004             2003

                                                                                                         $                    $___

                                                                                                                       [Restated -

                                                                                                                      See note 6]

OPERATING ACTIVITIES Loss for the period                      (4,283,979)      (932,713)

Adjustment for items not involving cash:

Amortization                                                                               196,005         105,072

Stock-based compensation                                                     2,473,862                   -

Amortization of deferred revenue                                               (79,135)       (79,135)

Implied interest expense on convertible debenture                     31,376                   -

                                                                                              (1,661,871)     (906,776)

Changes in non-cash working capital items:

Accounts and other receivables                                                  (61,903)         28,954

Current portion of recoverable deposit                                     (125,000)                -

Inventories                                                                                  (11,889)       (11,700)

Prepaid expenses and deposits                                                  (45,066)       217,734

Accounts payable and accrued liabilities                                   (212,599)              394

Cash used in operating activities                                        (2,118,329)      (671,394)

INVESTING ACTIVITIES

Patent expenditures                                                                 (149,425)       (47,999)

Purchase of property and equipment                                        (390,913)     (135,676)   

Restricted cash                                                                            209,336                  -

Long term portion of rental deposit                                           (125,000)                 -

Cash used in investing activities                                              (456,002)    (183,675)

FINANCING ACTIVITIES

Proceeds from issuance of share capital, net of issuance costs           1,675,124         18,400

Repayments of amounts due to directors                                     (95,071)      (53,609)

Debenture issued                                                                      6,818,744                 -

Repayment of capital lease obligations                                           (5,190)                -

Cash provided by financing activities                                     8,393,607        (35,209)

Increase in cash and cash equivalents                                   5,819,276      (890,278)

Cash and cash equivalents, beginning of period                       8,301,863       843,375

Cash and cash equivalents, end of period                             14,121,139       (46,903)

See accompanying notes on SEDAR

These consolidated financial statements have not been reviewed on behalf of the shareholders by the independent external auditors of the Company.