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NEWS RELEASE
FOR IMMEDIATE RELEASE DECEMBER 18, 2002
Contact: Allen & Caron Inc. Rene Randall
Joseph Allen (investors) (604) 683-8286
(212) 691-8087 rrandall@bmgmt.com
joe@allencaron.com ------------------
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or
Kari Rinkeviczie (media)
(616) 647-0780
kari@allencaron.com
NEW YORK CITY, (December 18, 2002) - - - MFC Bancorp Ltd. (Nasdaq: MXBIF and
Frankfurt Stock Exchange: MFC GR) today announced that 203,009 common shares of
Med Net International Ltd. ("Med Net") have been tendered to MFC's offer dated
November 7, 2002 to purchase all of the issued and outstanding common shares of
Med Net (the "Offer"). As a result, MFC has taken up and owns an aggregate of
approximately 520,545 Med Net common shares, representing approximately 15.0 %
of the issued and outstanding Med Net common shares. The previously announced
number of common shares of Med Net tendered to the Offer included shares that
were inadvertently deposited with the Depositary.
MFC has announced that it has extended the expiry time of the Offer for Med Net
common shares from 12:00 a.m. (PST) on December 17, 2002 to 4:00 p.m. (EST) on
January 17, 2003 in order to allow shareholders of Med Net that have not as yet
been able to tender their common shares pursuant to the Offer additional time to
do so. Contact information is provided above if you require further information
regarding the Offer.
Certain statements included herein are "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995. Management of MFC
cautions that forward-looking statements are not guarantees and that actual
results could differ materially from those expressed or implied in the
forward-looking statements. Important factors that could cause the actual
results of operations or financial condition of MFC to differ include, but are
not necessarily limited to, the risks and uncertainties discussed in documents
filed by MFC with the Securities and Exchange Commission.
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