July 23, 2001

Trading Symbol CDNX: CCB
US SEC Exemption No. 82-3378

RICHMOND, BC - Mr. James L. Swanson, Chairman of CON-SPACE COMMUNICATIONS LTD., (VSE:CCB) announced today another record setting Quarter to end the Company's fiscal year. Total sales for the Fourth Quarter, ended June 30, 2001, closed at $799,600, a 35.7% increase over last year's Fourth Quarter results of $589,400.

"We are very pleased with our quarterly and year end results, especially when compared to the rest of the industrial market place throughout North America," said Swanson, adding, "Though much of the market is suffering from the downturn in the economy we have held our own."

CON-SPACE, with its head office in Richmond, BC, Canada and subsidiaries in the United States and England, started business in 1992. Since then, the company has earned the reputation as 'the world's leading manufacturer and supplier of specialized voice communication equipment' for use in confined spaces and other hazardous work situations including rescue operations.

The Company's products are used in many parts of the world by major airlines, general industry, rescue teams, municipalities, fire departments, militaries, and government agencies. As well, CON-SPACE builds "Private Labeled" products for other manufacturers.

The Fourth Quarter results assisted in the Fiscal Year 2001 closing at approximately $2,778,000 a 2% increase over the 2000 sales total and setting a new annual sales record," said Swanson. Complete annual financial results with earnings per share will be released in late August or early September when the corporate auditors have completed their analysis.

"It has been a very interesting year and one in which we have ended feeling stronger than ever. We are really looking forward to an exciting Fiscal 2002," concluded Swanson.

For more information, please call Jim Swanson, Investor Relations, CON-SPACE COMMUNICATIONS LTD., (604) 244-9323, (800) 755-2528 in the U.S., or by e-mail [email protected]. "Forward-looking" statements in this release involve risks and uncertainties associated with, among others, economic, industry conditions, technological development, and competition and should not be relied upon as actual results may differ materially from those projected.

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