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The Versatech Group Inc.

4 May 2000

The Versatech Group Inc.

    TORONTO, May 3 /CNW-PRN/ - The Versatech Group Inc. (the "Company")
announced today that it has received a demand from its principal bank, the
Canadian Imperial Bank of Commerce (the "Bank"), for payment in full of all
indebtedness and liabilities of the Company and its subsidiaries and related
companies to the Bank. As at April 30, 2000, this indebtedness totalled
$78,491,140, in the aggregate. The Bank has indicated that it intends to
enforce its security.
    The Bank has demanded payment in full on or before May 15, 2000, prior to
which time it has indicated that it is prepared to permit the Company and its
subsidiaries and related companies to continue to avail themselves of their
existing credit facilities up to their current limits. Upon receipt of the
demand, the Company commenced negotiations with the Bank, but there can be no
assurance that a resolution will be reached.
    The Versatech Group Inc. (TSE: VGI) through its seven operating
subsidiaries and a joint venture employs approximately 1,750 employees and
manufactures automotive parts for the North American Automotive Industry.