Biomax Technologies Inc. Announces Cdn$8.0 Million Financing Arrangement.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Feb. 22, 2000

Biomax Technologies Inc. (CDNX:BIX.) ("Biomax," the "Company") announces that it has entered into a Letter of Intent with Haywood Securities Inc. and Pacific International Securities Inc., to raise CDN$8.0 million through a fully marketed prospectus offering. Haywood Securities Inc. will be the lead underwriter. The proceeds of the proposed financing will be used to fund research and development, marketing and general working capital requirements. Biomax currently has two major development projects underway utilizing its core technology:

The Optical Catheter Project - The Optical Catheter is being developed to determine organ rejection status in heart transplant patients. The catheter is placed in contact with the heart tissue, which is then illuminated by blue excitation light. The resulting Autofluorescence signature is recorded and analyzed by proprietary software to provide status of rejection. Multiple recordings can be obtained and the cardiologist may then use the results, in real time, to determine the patient's status and an appropriate course of therapy. Large animal studies are currently in progress at the Jack Bell Laboratory and the Company plans to begin Canadian human clinical trials prior to the end of 2000.

The SCD-1 Skin Cancer Detection System - This device, which is comprised of a specialized pair of filtered glasses and an external light source, will enable physicians to delineate the margins of basal cell carcinoma The SCD-1 System entered Canadian human clinical trials as a visual aid to excising cancerous lesions in September 1999. The Company is expecting to have the product on the market prior to the end of 2000.

This proposed offering is subject to receipt of necessary approvals from the CDNX and other regulatory authorities. The final terms of the proposed offering may vary from the foregoing following approval by the CDNX.

Biomax Technologies Inc. is a Vancouver, BC-based medical device company developing optically based technologies for the treatment and diagnosis of a wide range of disease states including cancer and organ rejection. Biomax is listed on the Canadian Venture Exchange under the symbol "BIX."

On Behalf of the Board of Directors of Biomax Technologies Inc.:

"Brian Lock", Chairman

The statements made in this press release may contain certain forward-looking comments. Actual events or results may differ from the Company's expectations. No assurances can be given that the Company will be able to complete the development of its products. In addition to the matters described in the press release, future actions by the U.S. Food and Drug Administration or equivalent regulatory authorities in various countries, results of pending or future clinical trials, as well as risk factors in the Company's SEC reports, may affect the actual results achieved by the Company. Exemption from registration pursuant to Rule 12g3-2(b), File No. 0-30184.The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.