Mr. Osvaldo Iadarola reports

Audiotech Healthcare Corporation (the "Company") previously announced, on June 4, 2001, that it had arranged a private placement of 41 $1,000 Convertible Debentures to six investors to raise a total of $41,000. The Convertible Debentures pay interest, monthly, at 10% compounded annually, and mature two years from the date of issue. The Debentures are convertible at the option of the Holder at any time before the maturity date at a conversion price of $0.25 per share during the initial year and $0.35 per share during the second year.

The Convertible Debentures are a direct, unsecured obligation of the Company ranking subordinate to all senior indebtedness.

The Company amended the private placement (see June 22, 2001 Press Release) to include a total of 61 $1,000 Convertible Debentures to seven investors to raise a total of $61,000.

The Company has now further amended the private placement to include a total of 56 $1,000 Convertible Debentures to six investors to raise a total of $56,000. All remaining terms of the private placement remain the same.

The Private Placement is subject to the acceptance of the Canadian Venture Exchange.