September 21, 2001

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

RICHMOND, BC - Mr. James L. Swanson, Chairman of CON-SPACE Communications Ltd., (CDNX:CCB), announced today the Company's financials for fiscal 2001, ended June 30, 2001. Annual consolidated sales closed at $2,787,662, a 2.3 percent increase over the previous year's sales of $2,723,907.

The cost of raw materials rose slightly throughout the year and operational expenses increased by only $16,488, to a total of $1,402,102 compared with $1,385,614 one year ago.

Operational loss (NEBITDA) is $76,147 or $0.01 per share compared to the operational loss of $61,520 or $0.01 per share in 2000.

Amortization and depreciation decreased $188,922 to a total of $244,567 for this fiscal year ended June 30, 2001 compared to $433,489 during the previous fiscal year.

Reductions in expenditures had little impact on the bottom line, but will have a more positive effect on fiscal year 2002. The resulting net loss for the 2001 fiscal year ended at $320,714 or $0.04 per share compared to the 2000 net loss of $495,009 or $0.07 per share.

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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