EXHIBIT 99.1


                                                          




                       [LETTERHEAD OF BELMAC CORPORATION]




NEWS RELEASE




FOR IMMEDIATE RELEASE

                BELMAC COMPLETES $1.77 MILLION PRIVATE PLACEMENT

TAMPA, FLORIDA,  November 3, 1995 - Belmac Corporation (ASE:BLM) announced today
that it has completed $1.77 million of private  placements of units resulting in
net proceeds to the Company (after  payment of  commissions  and expenses of the
placement agent) of approximately $1.59 million.  The units included the sale of
12% promissory  notes,  which become due between July 31, 1996 and September 30,
1996, in the aggregate  principal  amount of  $1,770,000  and 251,250  shares of
Common Stock  representing  approximately  8.4% of the outstanding Common Stock.
Holders of promissory  notes in the aggregate  principal amount of $720,000 may,
at their option, convert the notes into an aggregate of 240,000 shares of Common
Stock, which would represent an additional 7.4% of the outstanding Common Stock.
"The  proceeds will be used to fund the Company's  working  capital  needs" said
James R.  Murphy,  Chairman  and CEO of Belmac.  Mr.  Murphy noted that with the
current trend of increased  revenues and reduced  expenses,  the added available
capital will facilitate Belmac's efforts to attain profitability.

Belmac  Corporation,   headquartered  in  Tampa,  Florida  is  an  international
pharmaceutical  and  healthcare  company  engaged in the research & development,
manufacturing, marketing and distribution of ethical pharmaceuticals, disposable
healthcare products and fine chemicals in France, Spain and the United States.

                                     FOR FURTHER INFORMATION, CONTACT:

                                        James R. Murphy, Chairman & CEO
                                        (813) 286-4401