INTERQUEST ANNOUNCES COMPLETION OF $6.9 MILLION INITIAL PUBLIC OFFERING OF LIFETECH CORPORATION.

TORONTO--(BUSINESS WIRE)--June 22, 1995--INTERQUEST (CANADIAN DEALING NETWORK:IQTT) Offering Underwritten by Trinity Capital Securities Limited, Thomson Kernaghan & Co. Ltd., and Yorkton Securities Inc. Interquest Technologies Inc. (IQTT - Canadian Dealing Network) reported today the completion of a $6.2 Million initial public offering of LifeTECH Corporation, a development stage bio-technology company which has state of the art proprietary technology used in the sterilization of whole blood and blood products.

LifeTECH shares are held by Interquest International Inc, a wholly-owned subsidiary of IQTT. The initial public offering, effective June 20, 1995 consisted of 1,380,000 units at $5.00 per unit, for gross proceeds of $6,900,000. The total of 1,380,000 units represented the original offering of 1,200,000 units plus immediate exercise of 15 percent over allotment by the underwriters. Each unit consists of one Common Share and one Warrant to purchase an additional Common Share at $7.00 exercisable until April 1, 2000. The offering was underwritten by Trinity Capital Securities Limited, Thomson Kernaghan & Co. Ltd., and Yorkton Securities Inc.

The net cash proceeds of the offering will be used primarily to fund research and development expenses, including the substantial non-clinical, pre-clinical and clinical research required as a pre-requisite for FDA-approved clinical testing. A portion of the expenditures will be applied to the start-up of Donor Bovine Serum production.

In announcing the completion of the underwriting, William L. Koyle, Chairman, Interquest Technologies Inc., said, "LifeTECH's blood sterilization technology holds the potential for substantially enhancing Interquest's asset value for shareholders, as has been the case with our two existing public portfolio holdings, Spectral Diagnostics Inc. and American Sensors Inc."

"What especially intrigues us is the global market potential that LifeTECH's blood sterilization technology holds for civilian, military and commercial applications. The procedure for blood sterilization will provide added safety for people who need blood transfusions and blood products."

LifeTECH Corporation, based in Toronto, has developed a system (the "Sterizone" system) for the sterilization of whole blood and other biological fluids. Human whole blood sterilization is intended to increase the safety of donated blood and restore confidence in the global blood supply. Worldwide, approximately 120 million units of whole blood are processed by the health care industry annually, of which an estimated 16 million are processed in North America. In the last decade, in large part due to the pressure brought on by the worldwide AIDS epidemic, the blood supply industry has encountered rapidly increasing costs for screening of contaminants in the blood supply. In addition, other market opportunities for LifeTECH exist for military and disaster relief operations.

LifeTECH Corporation shares and warrants are traded on the Canadian Dealing Network (CDN) with the symbols LFTK and LFTK.WT, respectively. Following the offering LifeTECH has 4.3 million shares outstanding. Interquest, the largest shareholder, owns approximately 18 percent (1,085,715) of the outstanding common shares of the newly public LifeTECH.

Interquest Technologies Inc. specializes in the identification, investment in, and development of emerging companies engaged in leading edge technologies. In addition to its holdings of LifeTECH, IQTT shares primarily represent underlying assets of approximately 17 percent (1,070,353) of the outstanding shares of Spectral Diagnostics Inc. (SDI - Toronto Stock Exchange; DIAGF - NASDAQ); approximately 15 percent (1,563,998) shares of American Sensors Inc. (SNIF - Canadian Dealing Network; SNIFF - NASDAQ), 100 percent of Diochem Corporation, 100 percent of Blood Trac Systems Inc., and 15 percent of Techform Engineering AG.

CONTACT: Interquest Technologies Inc.

William L. Koyle, 416/364-8441

Stephanie Lupynec, 416/364-8441

or

LifeTECH Corporation

Walter J. Dermott, 416/621-8883

or

Straus Corporate Communications 

Irving L. Strauss, 212/768-2477