CME TELEMETRIX ANNOUNCES THIRD QUARTER 2002 FINANCIAL RESULTS

Waterloo, ON, November 19, 2002 -- CME Telemetrix Inc. (TSX Venture: YME), a leading-edge developer of nearinfrared instruments, today announced financial results for the third quarter of 2002. During the quarter, CME’s main focus has been to prepare for and to conduct an expanded series of patient trials, to be performed at three prominent Ontario medical centers. The Company’s scientific team has completed several devices that will be used in these trials, and is currently finalizing the hospital protocol review process for this program. Actual testing on patients is expected to commence in December with preliminary results expected in the first quarter of 2003.

“While the accuracy of our instrument already exceeds that of any other company’s published results,  we continue to focus on improving this parameter, as we believe it is key to our goal of achieving a truly stand-alone blood analyte testing device.” said CME President and CEO Duncan MacIntyre. “This clinical pre-registration study involves a larger number of patients than any of our previous trials and we are confident the resulting sizeable number of results will be pivotal to our efforts to continue to improve the accuracy of our glucose monitoring device.”

As an extension of CME’s research and development of HbA1c and glucose monitoring devices, the Company has also collected preliminary results from tests to non-invasively measure total cholesterol and HDL. The accuracy of these preliminary results shows promise for the development of non-invasive instruments for monitoring these additional blood analytes.

“The potential for a medical device to non-invasively provide the complete lipid profile of a patient would be a significant benefit to patient self-monitoring,” commented Dr. George Maracas, Chief Scientific Officer. 

Financial Results
For the three-month period ended September 30, 2002, CME reported a net loss of $785,000 or ($0.09) per share, compared to a net loss of $795,000 or ($0.09) per share for the corresponding period in 2001. For the nine-month period ended September 30, 2002, the Company reported a net loss of $2.5 million or ($0.29) per share compared to a net loss of $2.4 million or ($0.27) per share for the corresponding period in 2001.

Revenue for the quarter ended September 30, 2002 was $119,000 compared to $108,000 for the quarter ended September 30, 2001. Revenue for the nine months ended September 30, 2002 was $294,000, a decline of $182,000 from the corresponding period last year. This decline was due to a reduction in Food Quantifier royalties and lower interest revenue. 

Operating expenses for the quarter ended September 30, 2002 were $904,000 compared to $903,000 for the corresponding period in 2001. Operating expenses for the nine months ended June 30, 2002 were $2,807,000 compared to $2,873,000 for the nine months ended September 30, 2001. Working capital at September 30, 2002 was $2,485,000, compared to $5,022,000 at December 31, 2001. CME has adequate cash in the short term, but does not have sufficient resources to complete the commercialization of either the HbA1c product or the GlucoNIR® product at this time. Additional financing will be required to complete the development and commercialization process, and several options are currently under review.

www.cmetele.com 

www.equicomgroup.com 

About CME Telemetrix
CME Telemetrix is a leading developer of optical based technologies. Through its expertise in optics, algorithms, and electronics, the Company has developed a platform technology with multiple commercial applications. Currently, the Company’s primary focus is the development of a device that utilizes near infrared light for non-invasive blood analysis, particularly for measuring blood glucose levels for people with diabetes. CME Telemetrix has entered into licensing agreements with several international companies, including Motorola, Inc, Johnson & Johnson, and ESE Inc. Shares of CME Telemetrix trade under the symbol YME on the TSX Venture Exchange. 

Additional information is available on the Company’s website at www.cmetele.com. 

This news release contains certain forward-looking statements that reflect the current views and/or expectations of CME Telemetrix with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.