Exhibit 99.1


                  COMPANY NEWS - MEDITECH PHARMACEUTICALS, INC.

MEDITECH SIGNS MEMORANDUM OF UNDERSTANDING WITH P & P RESEARCH OF SEOUL, KOREA.

SCOTTSDALE, AZ, September 16, 2002

Meditech Pharmaceuticals, Inc. (MDCH-OTC: BB) announced today that it has signed
a binding memorandum of understanding with P & P Research of Seoul, Korea.
Certain terms of the agreement include:

1.   The formation of a new corporation in the State of California to be called
     P&P Research, Inc., or such other name as P&P may select.

2.   The provision of consulting services by Meditech to assist P&P in opening
     and growing its operations in the United States.

3.   The issuance of 1,157,890 shares of the new corporation to Meditech, which
     will be put into a dividend trust for distribution to Meditech
     shareholders. These shares are subject to forfeiture by Meditech, if
     certain conditions of the agreement are not met and should that occur, may
     not be distributed to the Meditech shareholders.

4.   Consulting fees to be paid to Meditech at the rate of $25,000 per month for
     a minimum of three months, commencing on October 1, 2002.

     The entire agreement will be filed as an exhibit to a Form 8-K, which
     Meditech will submit at once. Meditech CEO Gerald Kern stated, "We are very
     excited to work with P&P. We believe that in addition to assisting P&P in
     the United States, P&P may be able to open doors for Meditech in Korea.
     Additionally, the distribution of the shares in the new corporation, should
     it occur, provides added value to Meditech shareholders. The magnitude of
     any such added value will be totally dependent upon the performance of the
     new corporation." Kern further said, "I have met with P&P CEO Mr. Eun-woo
     Lee and members of his management team from Korea and the USA, and am very
     impressed with their technology. P&P provides market research, survey and
     consulting services in Korea utilizing cell phones."

     P&P CEO Mr. Lee added: "Meditech's CEO, Mr. Kern, provides a wealth of
     experience that will create value for P&P. We are very excited to welcome
     the Meditech family into our family."

Meditech is a drug development company focused on the development of human,
veterinary and agricultural antimicrobial agents. Meditech was founded in 1982
as Medical Technology Corporation of America and went public via an IPO in 1983.

This press release contains forward-looking statements within the meaning of the
federal securities laws. These forward-looking statements include without
limitation, statements that Meditech will distribute shares in the new
California corporation to its shareholders and will receive a minimum of $75,000
in consulting fees from P&P. These forward-looking statements are subject to
risks and uncertainties that could cause actual results and events to differ
materially. These risks and uncertainties include, among others, that the




registration statement for the new corporation does not go effective by December
30, 2002 or P&P otherwise terminates the agreement, or, even if the distribution
occurs, an active trading market does not develop for the new corporation, and
the new shares do not have any liquidity. For a discussion of other risks that
could cause actual results or events to differ materially from such
forward-looking statements, see the discussion of ["Risks That Could Affect Our
Financial Condition and Results of Operations"] in Meditech's 10-KSB filing with
the SEC for the year ended May 31, 2002. Meditech undertakes no obligation to
update forward-looking statements to reflect events or circumstances occurring
after the date of this press release.



Media Contact:

Cindy Kern
Meditech Pharmaceuticals, Inc.
Tel: (480) 614-2874
Fax: (480) 614-0560
Internet: http://www.mdch.net
E-mail: ir@mdch.net