MEDJET ANNOUNCES EXTENSION OF WARRANT EXERCISE PERIOD


EDISON, N.J.-(BUSINESS WIRE)-July 20, 1998-Medjet Inc. (OTC BB: MDJT MDJTW MDJTU
- - news ) announced  that it has extended  until  November 6, 1999 the expiration
date of its publicly  traded Class A Redeemable  Common Stock Purchase  Warrants
(the "Warrants"), as disclosed in the Form 10-QSB for the period ended March 31,
1998.  As a result,  each Warrant  entitles  the holder  thereof to purchase one
share of the Company's common stock,  $.001 par value (the "Common  Stock"),  at
$10.00 until 5:00 P.M.  (E.T.) on November 6, 1999.  The Warrants are redeemable
by the Company for $.01 per Warrant on 30 days'  prior  written  notice,  if the
market price of the Common Stock equals or exceeds $13.00 for any 10 consecutive
trading days within a period of 30 trading days ending within five days prior to
the date of the notice of redemption.

Medjet Inc., located in Edison, New Jersey, is a medical device company with the
goal of developing, licensing,  manufacturing and selling new cutting, drilling,
cleaning,  layer removal and shaping tools for a variety of surgical procedures.
The core  technology is based on fluid or ice  microjets.  Medjet  believes that
such jets will bring new surgical  capability  and  performance to the clinic or
operating  room. The initial devices  currently under  development by Medjet are
the HydroBrush(TM)  Keratome  (pterygium surgery and epithelium removal) and the
HydroBlade(TM) Keratome (LASIK and refractive surgery).  Further information can
be found on the Company's web site, www.medjetinc.com.

HydroBrush(TM) and HydroBlade(TM) are trademarks of Medjet Inc.


This press release contains forward-looking statements that are subject to risks
and  uncertainties,  including,  without  limitation,  the risks detailed in the
Company's filings and reports with the Securities and Exchange Commission.  Such
statements  are only  predictions  and  actual  events  or  results  may  differ
materially from those set forth in such statements.

Contact:                   Medjet Inc.
                           Joel Hasen, Ph.D.
                           (732) 738-3990
                           info@medjetinc.com