Boehringer Elects to Exercise its Option Agreement with PACE

Business Wire, Feb 12, 1996

TORONTO, Ontario--(BUSINESS WIRE)--Feb. 12, 1996--THE PACE CORPORATION (CANADIAN DEALING NETWORK: PACL) The Pace Corporation today announced that it has been advised officially by Boehringer Mannheim GmbH, (BM) that BM has decided to exercise the option agreement between Pace and BM.

Dr. Jeremy Clapp, Pace President, said the Company is gratified by the BM decision at this time because it has come two months before the expiry of BM's option.

On October 30, 1995, BM and Pace agreed to seek long term collaboration concerning technology, regulatory experience, and other expertise relative to Pace~s cardiac diagnostic tests based on Glycogen Phosphorylase BB (GPBB).

BM's official advisory also initiates steps to execute the agreed upon license, which will involve royalty payments to Pace. In addition to the BM collaboration, Pace also may manufacture and market its own line of cardiac tests.

The Pace Corporation is an international company which develops, manufactures, markets and distributes easy to use, inexpensive, medical diagnostic and environmental test kits. It is focussed on the early differential diagnosis of heart damage, North America~s leading cause of deaths, and the detection and evaluation of lead poisoning in children, the largest environmental issue in the United States.

Shares of The Pace Corporation are traded on the Canadian Dealing Network (PACL).

CONTACT: The Pace Corporation

Dr. Jeremy Clapp

President & C.E.O.

(905) 709-1196

or

Kieran and Co. Inc.

Jon W. Kieran/Cathy Hume

Investor Relations

(416) 868-1079