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Press Releases 2004

Pethealth Reports Record Policy Sales for Q1 2004.

OAKVILLE, ON, April 12, 2004. Pethealth Inc. ("Pethealth" or "the Company") (TSX Venture Exchange Tier 1: PTZ) today announced record policy sales for the quarter ended March 31, 2004.

• Total new policies sold for the quarter were a record 71,230, an increase of 52% over the same period a year ago. Core policy sales for the quarter were a record 16,580, up 60% from a year earlier; ShelterCare policy sales were a record 54,650, up 50% from a year ago.
• Total paid policies in force as at March 31, 2004 were 115,187 vs 72,737 for 2003, an increase of 58%. Core paid policies in force stood at 79,656, an increase of 66% over the previous year. ShelterCare policies in force as of March 31 2004 were 35,531, up 43% from the previous year.
• For the month ended March 31 2004, total policies sold equalled 24,055, up 41% from a year earlier. The biggest jump was in core policy sales, which totalled a record 5,921, up 51% from one year earlier. ShelterCare policy sales for the month were 18,134, up 38% from a year earlier.
• The Company will report its 20th consecutive quarter of record revenue for the period on or about May 10, 2004.

Core policy sales and total paid core policies in force were also up significantly as compared to Q4 2003, showing increases of 24% and 14%, respectively. Additionally, as part of its core policy sales, the company sold 711 EmergencyCare policies for the quarter.

U.S. core policy sales, a record 12,988, increased by 74% in Q1 2004 vs the same period a year ago. For the quarter ended March 31 2004, U.S. core policy sales represented 79% of total core policy sales. U.S. core paid policies in force as at the end of March 2004 represented 58% of total core paid policies in force.

About Pethealth

Founded in February 1998, Pethealth Inc. is Canada’s number one provider of pet insurance and is number two in North America, currently offering its PetCare Pet Insurance Programs in 10 provinces, 45 states and Washington, D.C. In addition to the PetCare Pet Insurance Programs, Pethealth offers its pet insurance programs under a variety of names, including QuickCare, ShelterCare and Union Plus Pet Insurance. In the United States, the PetCare Pet Insurance Programs are underwritten by Lincoln General Insurance Company, York, PA, through PetCare Insurance Brokers Ltd., PetCare Insurance Agency, Ltd., both wholly owned subsidiaries of the Company, and Avalon Risk Management Inc. In Canada, the Company’s pet insurance is underwritten by ING Novex, a member of ING Group, and Kingsway General Insurance Company and offered through PetCare Insurance Brokers Ltd. In addition, Pethealth, through its wholly owned subsidiaries Pethealth Services Inc. and Pethealth Services (USA) Inc., sells and distributes Allflex pet microchip supplies to the companion animal market in North America and operates the related pet recovery registry under the trade name 24PetWatch. Pethealth is based in Oakville, Ontario.

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

Statements contained in this news release, if not historical, are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the results described in forward-looking statements.

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

For further information contact:
Mark Warren, President and CEO of Pethealth at (905) 842-2615
Glen Tennison, Chief Financial Officer of Pethealth at (905) 842-2615

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