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REBUS CORPORATION ANNOUNCES APPOINTMENT OF NEW DIRECTOR AND CHANGE OF NAME

    CALGARY, Feb. 22 /CNW/ - Rebus Corporation (the "Corporation") has today announced the appointment of a new Director, namely, Dr. Robert B. Church.  Dr. Church is currently Professor Emeritus, Department of Medical Biochemistry, Faculty of Medicine, University of Calgary.  Dr. Church is an internationally renowned scientist who has made major contributions in the areas of gene and embryo manipulation technology to engineer animals for agriculture and medicine.  He also has extensive business experience and sits on a number of boards, as director for both private and public companies, including major research and pharmaceutical companies.
    The Corporation has also announced the change of its name from Rebus Oil Company Limited to Rebus Corporation effective February 16, 1993.
    The Corporation is also converting all of its existing common shares to Class "A" common voting shares one-for-one.  The CUSIP number for the Class "A" common voting shares is 755900 10 7.
    Finally, the Corporation wishes to announce that its Board of Directors has approved the issuance of a Private Placement for $750,000.00 priced at $1.25 per share.  This placement is made pursuant to the sophisticated investor exemption under the Securities Act (Alberta).
    For further information:  Barry A. Bernhardt, President and C.E.O., Rebus Corporation, (403) 266-5222
    -0-             02/22/93


CO: REBUS CORPORATION ST:

-- C2647 -- X374 02/22/93
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Publication:PR Newswire
Date:Feb 22, 1993
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