NEWS FROM CNW GROUP
08:20 EDT Wednesday, April 20, 2005 

Chrysalis Capital Corporation ("Chrysalis") (TSXV : CCC.P and PharmEng Technology Inc. ("PharmEng") announced today that they have closed their previously announced business combination.

Pursuant to the business combination, Pharmeng has become a wholly-owned subsidiary of Chrysalis. Chrysalis does not conduct any business or hold any assets other than the common shares of Pharmeng. A special meeting of the shareholders of Chrysalis has been set for June 8, 2005, at which meeting the shareholders will be asked to approve a name change of the corporation to Pharmeng International Inc. Until such time, shares will continue to be traded under the Chrysalis name.

"The PharmEng team is very pleased to have completed its business combination with Chrysalis Capital Corporation," said Alan Kwong, Chief Executive Officer of PharmEng and Chrysalis. "The platform provided by the TSX Venture Exchange will assist Pharmeng in continuing to grow its business and seize strategic opportunities," said Kwong.

As previously announced, Chrysalis, PharmEng and its principal shareholder entered into a letter of intent dated December 8, 2004 pursuant to which Chrysalis agreed to acquire all of the issued and outstanding shares of PharmEng by issuing one common share of Chrysalis at a deemed price of $0.45 per share in consideration for each common share of PharmEng and by issuing one Chrysalis share purchase warrant in exchange for each outstanding PharmEng share purchase warrant. The company is also proceeding with a private placement of up to $1,000,000 and expects to close the placement on or about May 10, 2005. The business combination, subject to receipt by the TSX Venture Exchange (the "Exchange") of required closing documents, constitutes the Qualifying Transaction of Chrysalis Capital Corporation for the purposes of Policy 2.4 of the Exchange.

Further details regarding the Business Combination may be found in a filing statement relating to this transaction dated April 8, 2005, which is available on SEDAR at www.sedar.com.