CalciTech Announces Share Issues.

Business Editors

HAMILTON, Bermuda--(BUSINESS WIRE)--April 4, 2003

CalciTech LTD (TSX: CLK; Freiverkehr: XCH; OTC BB: CLKTF) announces that Epsom Investment Services, under the terms of it's working capital convertible credit facility with CalciTech, served notice on 19th February 2003 to convert US$600,000 of it's loan into CalciTech Ltd common shares.

The shares will be issued at a conversion price of 80% of the average closing price of the preceding ten trading days and will bear a legend restricting them from trading. Epsom confirm that the investors in these shares have a long term interest in the company and do not intend to sell their shares at this time. The credit facility has now been renewed for a further term of eighteen months at a reduced interest rate of 7% and with a reduced maximum draw down of US$2.5 million. After the conversion approximately US$1.4 million is currently drawn and outstanding.

CalciTech is now arranging project finance for the funding of it's proposed SCC plant in Germany of an estimated cost of EUR17.2 million. Application has been made, as previously reported, for a grant of up to 50% of the anticipated cost. Additional arrangements are also being made with a view to raising equity in order to contribute up to 15% in the CAPEX for the German plant and provide working capital for further project procurement. Further announcements are expected to be made in this regard shortly.

CalciTech also announces it received notice on 13th February to exercise two director's options on 510,000 shares at a price of CA$0.29. In accordance with the companies option plan serving directors are issued with new like options on exercise of existing holdings. Therefore five year options on 500,000 common shares from 25th February 2003 are announced at a price of CA$0.45 . Following this issue there are currently outstanding total options on 1,000,000 common shares.

Roger Leopard, CalciTech's President commented "This is very encouraging for our shareholders when both our financial advisers and directors support our company in such a positive manner."

The issue of shares under the convertible loan and for exercise of options are subject to approval by the Toronto Venture Exchange.

In addition the company's 8% debentures with a value of US$3,390,000 and EUR663,000 have been renegotiated by their retirement against the issue of new 6% debentures of US$297,000 to 15th February, 2004, EUR188,000 to 15th February 2004 and US$3,805,000 to 15th February 2005. At maturity debenture holders may exercise their rights to convert into the company's common stock at a discount of 25% of the then prevailing average 10 day closing price.

CalciTech is now fully committed to the commercialisation of it's Synthetic Calcium Carbonate "SCC" technology following the launch during February of it's first two pigment products for the paper industry. This major program is being carried out through the newly organized subsidiary, CalciTech Synthetic Minerals Ltd, reported on 17th February 2003.

This press release contains forward-looking statements which are subject to a number of contingencies and uncertainties, including but not limited to, market acceptance for CalciTech products, manufacturing of CalciTech products in a commercial setting, obtaining adequate financing and construction management for projects and obtaining appropriate permits. Such forward-looking statements are not guarantees of future performance, and are based on numerous assumptions about future conditions that could change.

No Stock Exchange has reviewed or accepted responsibility for the adequacy or accuracy of this press release.