Global Precision Medical Inc.: Update on Corporate Developments.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 11, 2003

GLOBAL PRECISION MEDICAL INC (OTCBB:GBPMF) (the "Company") is pleased to provide an update on corporate developments pertaining to its stent technologies and, specifically, the commercialization of its first application, the Uro-Stent, as well as the further enhancement of the material characteristics of its proprietary biocompatible Nickel /Titanium (Nitinol) wire that forms the basis of its stents including the Uro-Stent. The Company is also reporting on a key strategic alliance which it has just entered into.

The Uro-Stent

The Uro-Stent, developed by leading Russian scientists and medical experts is used for the prevention of lumen restriction associated with benign prostate hyperplasia - (BPH is a non-cancerous enlargement of the prostate, which compresses the urethra as it grows thereby restricting the flow of urine - a primary cause of urinary voiding dysfunction in men.)

The patented Uro-stent is woven from a single nitinol wire with the appropriate radial rigidity and a unique longitudinal bending capability. The Uro-stent has non-traumatic butt-ends allowing for an exceptional engineering design highly suitable for insertion into the human body as a minimally invasive medical device.

In order to move towards global commercialization of the Uro-Stent, the Company, as a first step in the process, has made an application to the Russian Ministry of Health for the approval for its use and sale in Russia, along with its related delivery system (catheter).

The Company has devoted the past few months to performing additional required tests of the Uro-Stent to meet new regulations imposed by the Russian Federation to match the general criteria imposed by North American and European regulatory requirements. These new procedures called for additional sterilization, toxicology and biocompatibility testing.

We are pleased to announce that the Company has now successfully completed and documented all of the requisite tests. Consequently, the application for approval has been re-submitted to the Russian Ministry of Health, and its decision is expected in the fourth quarter 2003. We are optimistic that a positive decision will be issued by the Russian Ministry of Health. In particular, the toxicology tests have shown no trace of Nickel ions, or any other ions. They have additionally shown a high compatibility of the Uro-Stent with human tissue. This is a direct consequence of the material structure and the thermo-chemical treatment used to strengthen the binding of the Nickel and Titanium ions, thus inhibiting any migration of these entities inside and outside of the metal. The electro-chemical treatment of the wire surface - passivation process - creates a protective film on the surface of the stent, providing for a reinforced shielding.

Cardiac, Oncology and Hepatology Stents

Positive clinical results have formed the basis for the use of the same proprietary wire material in preliminary trials involving cardio-vascular, oncology and hepatology surgeries. Results received to date have been encouraging; the surgeons involved having reported good results from the use in clinical trials of the stent in cardiac and oncology applications, particularly with regard to overcoming issues of blood clotting which is thought to relate to the unique properties of the nitinol wire. This is considered a positive development.

Representatives of the Company will visit Moscow in October to meet with the scientific and medical teams who conducted these trials with the view to incorporating these new developments into the expanded go-forward programs of the Company consistent with its goal to develop and market leading-edge minimally-invasive technologies in the medical device field.

Strategic Alliance

In order to strengthen and diversify its platform, the Company has entered into a "Consortium Letter of Understanding", executed with Global Medical Sciences Limited (Barbados), MDMI Technologies Inc. (Vancouver, Canada) and Minimal Invasive Technology Ltd (Moscow, Russia). The Consortium brings together four groups with complementary expertise and resources.

-- Global Precision Medical Inc. ("GPM"): GPM will coordinate and

finance the activities of the Consortium, provide the publicly

traded vehicle through which investors can participate, and serve

as the sales and marketing platform for stents and future medical

devices introduced to it by other Consortium members;

-- Global Medical Sciences Limited ("GMS"): GMS is the owner and

licensor of the wire material and the stent technology. It has a

team of expert materials scientists. The scientists work in

conjunction with IMET (World-renowned Institute of Metallurgy and

Material Sciences in Moscow, with the largest contribution in its

field in the Sputnik program, the Russian Military and the current

Space Station);

-- MDMI Technologies ("MDMI"): - MDMI, a B.C. based private

company, brings an established and ongoing level of operational

success at the highest international level, which combines

industry experience in device design, manufacturing, distribution

and operational systems to navigate through the global regulatory

processes including the FDA. MDMI will evaluate the technology

presented to GPM, advise and assist in engineering feedback to the

GMS scientists in Russia, and will formulate the pathway to

regulatory approval and assist GPM executives in the,

commercialization and marketing;

-- Minimal Invasive Technology Ltd ("MIT") - MIT is a Russian

manufacturer of various medical devices and holds proprietary

rights to the catheter (delivery system), used during the clinical

trials for the insertion of the Uro-stent. MIT holds numerous

patents to medical devices being sold in Russia and surrounding

countries.

The purpose and activities of the Consortium will include the following:

-- As set out in a Letter of Intent with MIT, the Company wishes

to acquire rights in the delivery system (catheter) used for the

Uro-Stent as well as the opportunity to evaluate MIT's extensive

portfolio of medical technologies with the view to their

suitability for commercialization in other markets including North

America, the EEC and Asia. MIT is, at present, in the process of

undergoing international certification of its products in

compliance with ISO 9001;

-- Relying on the established experience and strength of its

members, the Consortium will develop, commercialize, produce and

market the Company's stents and future medical devices on a global

scale;

-- Initially, the Consortium will work together to implement the

commercialization and revenue-generating strategy of the URO-Stent

in Russia and its associated markets where the Russian medical

approval is accepted. MIT's extensive experience in Russia and

Central and Eastern Europe will allow the Company to take the

Uro-Stent to revenue-generating mode from a solid base with the

required network. To this end, MIT will provide manufacturing,

sales and distribution support for the URO-Stent;

-- The Consortium will then pursue regulatory approval procedures

to enter other medical markets, which will be coordinated by the

Company and MDMI;

-- In keeping with the Consortium's work in connection with the

Uro-Stent, the Consortium will explore the development,

manufacture and sales of other stents and medical devices. The

unique properties of the Company's Nitinol wire are driving the

development of other minimally invasive medical devices. Emerging

materials developments and medical devices based on the unique

properties of NiTi will be presented by GMS to the Company on a

most favoured basis for technical and market evaluation.

-- In conducting its work, the Consortium will rely heavily on the

advice of the Company's Scientific Board chaired by Dr. Dimitri

Pushkar to ensure that the Company's product receive medical

acceptance. Professor Pushkar is the Russian senior member of the

European Urology Association.

TSX Venture Exchange 

Plans are underway to make application to list the Company's shares on the TSX Venture Exchange in Toronto while maintaining the Company's listing as is on the OTCBB. Such a listing would increase the exposure, transparency and liquidity of the shares in the investor market place. This action has become necessary following the abrupt cancellation of the startup of the BBX by NASDAQ which had been promoted as a more transparent and liquid trading market to replace the OTCBB. The Company was relying on this enhanced exchange to broaden its potential investor base and indeed planned to become a Charter Member of the BBX.

American Medical Review

At the invitation of the American Medical Review for the PBS network, the Company participated in a video documentary hosted by Morley Saefer showcasing the Company's URO-Stent technology as an example of emerging minimally invasive technologies towards a higher quality of life. The segment features interviews with Dmitri Pushkar M.D., Ph. D. Professor and Chairman of the Department of Urology at Moscow State Medical University (and Chairman of the Company's Advisory Board) and James Elliott, B.Sc., B.A.Sc., M.A.Sc, Chief Technology Officer for the Company.

The segment is scheduled to be uplinked to the PBS network on September 29, and will be shown at times to be determined by each local PBS network.

On behalf of the Board of Directors

GLOBAL PRECISION MEDICAL INC.

Lindsay B. Semple, CEO and Director

SAFE HARBOR STATEMENT

THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.