Redasoft, Bitek Chems Sign Distribution Agreement for Visual Cloning Software in Korea.

Redasoft, Bitek Chems Sign Distribution Agreement for Visual Cloning Software in Korea.

Toronto, ON - November 19, 2002 - Redasoft, a global provider of drug discovery productivity enhancement software for the life science research community and Bitek Chems, a leading distributor of chemistry and biological software, today announced an agreement for the non-exclusive distribution of Redasofts desktop software product, Visual Cloning, for the Korean market.

"The biotechnology industry in Korea was estimated to be greater than $1 billion in 2000," said Danny Reda, Redasofts President and Chief Executive Officer. "The Korean pharmaceutical industry is estimated to be a further $12 billion. A strong effort by the Korean government to increase its efforts in biotechnology combined with technical developments and increasing pressure to meet the needs of Koreas aging population form the foundation for why the medical biotechnology market is expected to grow at 10% over the next several years. The Korean marketplace is becoming increasingly important and we are extremely pleased to partner with Bitek Chems to help expand our Korean presence."

Redasoft Visual Cloning is an industry leading software suite that enables increased efficiency and productivity in drug discovery research. Key features of the software include exceptional graphics, extensive web integration, advanced restriction analysis, open reading frames search, primer design, a sequence viewer, subsequence search, and an intuitive user interface.

About Bitek Chems
Bitek Chems is a leading Korean distributor of chemistry and biological software. Bitek Chems is part of the Bitek group of companies which employs 120 workers and generates revenues of US $28 million. Bitek Chems was founded in 1997 and has established an impressive track record by successfully distributing reputable products. The company has also increased its revenues by an average of over 45% over the past three years. Additional information about Bitek Chems can be found at http://www.chems.co.kr/.

About Redasoft
Based in Toronto, Canada, Redasoft is a global provider of drug discovery productivity enhancement software for the life science research community. Founded in 1997, Redasofts mission is to be an enabling solutions provider of intuitive, easy to use integrating software and services for drug discovery research. Redasoft's software empowers life science researchers to visualize genetic data, analyze biomolecules, and develop experiment strategies to learn more about the fundamental building blocks of life. Additional information about Redasoft can be found at http://www.redasoft.com.

Redasoft and the Redasoft logo are trademarks of Redasoft Corporation. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.

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Contact
For further information, contact Evan Carmichael at ecarmichael@redasoft.com.