Immune Network announces stock listing changes and preferred share conversion.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 3, 2002

Immune Network Ltd. (OTCBB: IMMKF) (CDNX: IMM.) announced today the outcome of a meeting of the holders of its preferred shares and an intended change in its stock exchange listing.

In accord with the vote of the preferred shareholders at a meeting held today in Vancouver, there will be no change in the articles of preferred shares regarding conversion. The final conversion date, as set out in the articles, will remain as February 18, 2002. As a result of this decision, the company will not be required to pay a deferral penalty of approximately 900,000 CAD (600,000 USD). The meeting of the holders of preferred shares was announced by Immune Network on November 27, 2001.

Immune Network is also applying to the Canadian Venture Exchange (the "CDNX") to voluntarily delist its stock from the exchange. Immune Network is currently interlisted, trading on the CDNX under the symbol IMM, as well as the NASD-regulated OTCBB system in the U.S., under the symbol IMMKF. Immune Network files with four provincial securities commissions in Canada, as well as with the U.S. Securities and Exchange Commission. Upon delisting from the CDNX, Immune Network will trade only on the OTCBB under the symbol IMMKF.

Dr. Allen Bain, President and CEO, said, "Major events that are unfolding in Immune Network in early 2002 bode well for a good year for the company. Elimination of the preferred shares through conversion to common shares in mid-February will create additional liquidity and improve the capital structure of the company in preparation for major financing in 2002. Our delisting from the CDNX reflects our intention to develop key financial relationships in the U.S."

On behalf of the Board of Directors

Allen Bain, Ph.D., CEO

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

This news release contains forward looking statements that are not historical facts and are subject to risks and uncertainties which could cause actual results to differ materially from those set forth in or implied herein. These risks are described in detail in the company's Securities and Exchange Commission filings.

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.