Press

Press Releases 2002

Pethealth Announces Proposed Private Placement

OAKVILLE, ON, July 09, 2002 - Pethealth Inc. ("Pethealth" or "the Company") (TSX Venture Exchange Tier 1: PTZ) announced today that it plans a private placement of up to 30,000,000 units ("Units") at a price of $0.12 per Unit. Each Unit will consist of one common share ("Common Share") in the capital of Pethealth and one common share purchase warrant ("Warrant) of Pethealth. Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.15 per Common Share at any time prior to 5:00 pm (Toronto time) on or before December 19, 2002. The Units will be offered directly by Pethealth and, in certain jurisdictions, by individual brokers. The offering is subject to regulatory approval.

Pethealth intends to apply the net proceeds from the offering to working capital requirements and for general corporate purposes.

About Pethealth

Founded in February 1998, Pethealth is the leading provider of pet insurance in Canada and one of the fastest growing providers of pet insurance in North America, currently offering its PetCare Pet Insurance Programs in 9 provinces, 42 states and Washington, D.C. In Canada, the Company's pet insurance is offered to owners of dogs and cats through its wholly owned subsidiary, PetCare Insurance Brokers Ltd. ING Wellington, a member of the ING Group, and CGU Elite Insurance Company, a member of CGU Group Canada Ltd., underwrite PetCare products in Canada. The PetCare programs also carry the exclusive endorsements of a number of industry leaders, including veterinary medical associations representing approximately four out of five practising veterinarians in Canada. In the United States, the PetCare Pet Insurance Programs are underwritten by Lincoln General Insurance Company, York, PA, through Avalon Risk Management Inc. Pethealth is based in Oakville, Ontario. Institutional investors include Dynamic Mutual Funds, through its Dynamic Venture Opportunities Fund.

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

Not for dissemination in the United States of America or to United States news wire services.

For further information: E. Mark Warren, President and Chief Executive Officer of Pethealth or Glen H. Tennison, Chief Financial Officer of Pethealth at (905) 842 2615 or visit the Web site at www.petcareinsurance.com.

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