Henry Rhodes, Equidyne Shareholder, Nominates a Competing Slate for Election to Equidyne's Board of Directors

Business Wire, April 4, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--April 4, 2002

Equidyne's Annual Meeting scheduled for May 28, 2002

An alternative slate of five qualified competent medical and business professionals has been nominated to replace the current Board of Directors of Equidyne Corporation (AMEX: IJX - news).

Equidyne shareholder Henry Rhodes presented the formal nomination of his new slate in accordance with the rules set forth by the Company's By-Laws and the applicable state and federal securities laws.

The nominees proposed by Mr. Rhodes are Jonathan C. Javitt, M.D., Dr. Johannes Mauser, Louis B. Ostrow, M.D., Kenneth Levy and David H. Katz, M.D. All of the proposed nominees have agreed to serve as Directors if elected.

The new nominees bring collective experience in executive and board management of public and private medical industry companies, domestic and international financing, the rules and operations of the FDA, Patent Office and other regulatory agencies and the successful licensing and marketing of new medical products.

The nomination proposal was submitted to, and received by, the Company on March 27, 2002 in advance of the 60 day pre-May 28, 2002 Annual Meeting deadline for submissions of such nominations, or other relevant shareholder proposals, to the Company.

According to Mr. Rhodes, he is releasing this information at this time because the Company has failed to issue a timely public disclosure about this nomination proposal since it was received by the Company nine days ago.

As required by law, the complete biographical summaries of each of the new nominees must be included in the Official Proxy statement scheduled for distribution to all shareholders by the Company later this month. Mr. Rhodes expects that the Company will adhere to these legal requirements although he has been unable as yet to elicit the Company's response on this and related issues.

The material presented herein is for informational purposes only and does not constitute, nor is it intended to be, a solicitation of support for, or rejection of, either the current directors or the newly proposed slate of directors.