June 25, 2003

News Release: Submits 510k Premarket Notification to FDA for PeriPatch(TM) Sheet

Medical Ventures Corp. (MEV), announced that a 510(k) Premarket Notification has been submitted to the U.S. Food and Drug Administration (FDA) for MEV's PeriPatch(TM) Sheet and the StepSaver(TM) Cylinder. The 510K marketing clearance is required for Medical Ventures to begin selling these products in the United States. This submission was filed by Medical Ventures'division: Performance Medical Devices Inc.

The premarket notification was submitted to the FDA in June, 2003 and, based on the Company's experience with 510(k) submissions, it is anticipated that clearance of the PeriPatch Sheet and StepSaver Cylinder will occur in 2004. The PeriPatch Sheet is intended for the internal tissue repair as part of a general surgical or cardiovascular repair procedure. Sutures and surgical stapling are commonly used to repair vessels and organs in the body. The PeriPatch is a flexible bio-material that works like a 'band-aid'for repairing organs and vessels where there are weaknesses. The StepSaver Cylinder is intended for suture line and staple line reinforcement and is commonly used in lung and stomach surgical procedures. The StepSaver Cylinder helps to reduce or eliminate air and fluid leakage from the lungs and stomach, thereby reducing recovery time, hospital stay, and overall costs.

In anticipation of gaining clearance to market the PeriPatch Sheet and StepSaver Cylinder in the United States, Medical Ventures continues to establish its marketing network to distribute its products worldwide. For the United States, MEV will be evaluating independent distributors and strategic alliances to ensure the best sales penetration of the PeriPatch product line into the US market. MEV is currently selling these products in Europe and Canada.

The US FDA marketing clearance for the PeriPatch line will enable us to significantly expand sales of the Company's base pericardial tissue technology. The US market accounts for over 50% of the world market for most Cardiovascular devices. With this step, Medical Ventures meets another milestone towards building a profitable Cardiovascular medical device company.

Medical Ventures Corp., develops and commercializes medical devices that clearly address a clinical need in the cardiovascular marketplace.

This press release contains forward-looking statements regarding future events and the future performance of PM Devices Inc., that involve risks and uncertainties, such as, risks include, but not limited to: (1) length of time to receive regulatory approval, (2) market acceptance.

CONTACT: TEL: 604-270-4344 Medical Ventures Corp.

ext.110 Caren Holtby, Corporate Communications Manager

TEL: 604-805-8772

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