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January 21, 2004

PSINAPTIC COMPLETES INITIAL PUBLIC OFFERING

CALGARY, ALBERTA, CANADA - PsiNaptic Inc. (the "Corporation") is pleased to announce it has closed its initial public offering of 5,000,000 Class "A" common shares, including an over-allotment option of 1,000,000 shares, at $0.25 per share for gross proceeds of $1,250,000. In addition to the 5,000,000 shares, 3,657,003 Common Shares were issued in conjunction with the exercise of previously issued Series A, Series B, and Series C Special Warrants. These additional Common Shares were also qualified by the Corporation's prospectus dated January 6, 2004.

�We are very excited, not only about the completion of our initial public offering,� said Aaron Dagan, President and Chief Executive Officer of PsiNaptic, �but also about the resurgence of investor confidence in the high-tech sector. We see a bright future for wireless communications technologies and pervasive computing, and we aim to be an industry leader.�

First Associates Investments Inc. acted as agent for the offering and received a commission of 7% of the gross proceeds. First Associates also received a non-transferrable Agent's option to purchase up to 500,000 Common Shares at $0.25 per Common Share. The Agent's option will expire on January 21, 2006.

The Corporation has been conditionally approved for listing on the TSX Venture Exchange subject to it fulfilling all of the requirements of the Exchange.

Two insiders of the Corporation (one being a director and one being an officer of the Corporation) acquired an aggregate of 145,000 Common Shares pursuant to this offering.

The Corporation is in the business of developing and marketing proprietary technology, including software and wireless communication technologies, allowing user-transparent transfer of information and services between computing objects, devices and processors in a communications rich, network environment. Management's vision is a world with pervasive unlimited networks of intelligent objects interacting dynamically and seamlessly, on behalf of people, to improve the delivery of existing services and enable new innovative applications.

Subsequent to the closing of its initial public offering, the Corporation has 18,906,812 Common Shares issued and outstanding.

For further information, please contact Aaron Dagan, President and CEO or Morris Bleviss, CFO by telephone at 403 775 2236 or by e-mail at Inquiries, or visit our website at www.psinaptic.com.

Statements in this release which describe the Company's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. The Company may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

About PsiNaptic Inc.

PsiNaptic implements distributed computing frameworks such as Jini technology for use in very small microprocessors. By combining JMatos™ technology with Java™ technology and standard wireless protocols such as Bluetooth� and 802.11, PsiNaptic works with OEMs to add low cost, low power, wireless networking and spontaneous interaction capabilities to everyday objects.

  PsiNaptic Inc.
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© 2004 PsiNaptic Inc.