is this company beginning a strong rally

IS THIS COMPANY BEGINNING A STRONG RALLY.

DIrectors of Eiffel Technologies Limited (ASX: EIF) are pleased
to announce that the Company has signed an agreement for its core
technology with a major pharmaceutical company. Under the terms of
the agreement Eiffel is forbidden to discuss the terms until
preliminary research work is completed which is expected to be four
to five months. This agreement follows Eiffel's current alliances
with Profile Therapeutics, BattellePharma Inc, Amarin and Aradigm
Corporation.

In addition, the Company continues to build its intellectual property
portfolio and in mid April filed a further international patent
relating to the application of its particle re-engineering
technologies. To date, the Company has filed 7 international and
provisional patent applications.

The Company also announce that they have appointed US based Global
Markets Capital Corporation to assist with its NASDAQ ADR listing.
Global Markets Capital specialises in introducing Australian based
listed companies to US institutions and high net worth investors.
Eiffel Technologies recently completed its first investor "Road Show"
in New York and further investment activities are planned over the
coming year. The Company is pleased with this association as Global
Markets Capital has an excellent track record in assisting
Australian-listed companies access the US capital markets.

Mr Mark Saunders, President of Global Markets Capital, said that the
drug delivery market is projected to grow to US$100 billion by 2005
and is currently the highest growth area in the pharmaceutical
industry. According to Mr Saunders, "approximately half of currently
prescribed pharmaceuticals on the market have absorption problems and
a third of new drugs have formulation problems when they go into
production". The value of Eiffel's SCF Technology will be well
recognized by the US capital markets, particularly considering the
recent acquisitions of three of the leaders in the SCF industry,
Separex, Bradford Particle Design, and RTP Pharma.

In the medium term, Global Markets Capital will advise Eiffel
Technologies on the merits and timing for a NASDAQ listing. Global
Markets Capital is a leading advisor to non-US companies establishing
American Depositary Receipt programs and has managed the NASDAQ
listing process for many companies.

Eiffel Technologies Limited, is a bioengineering company focused on
improving the performance and delivery of pharmaceuticals. Based in
Melbourne, Australia, the Company is developing and commercializing a
range of drug re-engineering platforms to improve drug performance,
extend patent life and effectively deliver new and currently marketed
pharmaceuticals. Eiffel Technologies' research programme focuses on
the improving drugs in a range of therapeutic areas, including
diabetes, asthma, cardiovascular and anti-inflammatory disease. For
more information on Eiffel Technologies, please visit the Company's
website at www.eiffeltechnologies.com.au.