Company Name Change and July 20, 1998 Private Placement Financing Cancelled and New Financing Commenced.

MIAMI--(BUSINESS WIRE)--Aug. 21, 1998--Phage Therapeutics International, Inc. (the "Company"), formerly All Product Distribution Corp., is pleased to announce a name change effective Aug. 20, 1998.

The Company will begin trading under the symbol: PTXX commencing Aug. 21, 1998.

The Company also wishes to announce it will not be proceeding with the private placement announced on July 20, 1998 of 1,500,000 units at a price of $1.10 per unit.

Instead, the company wishes to announce that it has commenced a private placement of 2,000,000 units at a price of $0.25 per unit. Each unit is comprised of one common share and one half share purchase warrant entitling the holder to purchase a further one half share at $0.30 within one year from the date of acquisition of the units.

The Company has agreed to pay a finders fee of 10% of the proceeds in connection with the financing.

For further information, please contact: Ricardo Requena, Telephone: [phone]

The SEC and NASD has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

CONTACT: Phage Therapeutics International, Inc.

Ricardo Requena, 305/446-5178