Coretec Announces Update on Private Placement and Formation of Special Committee to Review Offers

TORONTO, ONTARIO, Nov 08 (MARKET WIRE) --
Coretec Inc. ("Coretec" or the "Corporation"), (TSX: CYY), a leading
designer and fabricator of printed circuit boards for the prototype and
quick turnaround production markets, announced today that it has recently
received proposals from third parties with respect to a possible sale of
Coretec. Coretec continually investigates any and all opportunities
presented to it which could enhance shareholder value. To assist it in
reviewing the proposals, Coretec has formed a special committee of its
board of directors comprised of Saleem Dedhar, Peter Murphy and Walt
Custer. There can be no assurance that a transaction will result from any
of the various proposals. As a result of its review of the proposals,
Coretec has obtained an extension to the closing date of its previously
announced private placement of debentures and warrants to November 30,
2009. There can be no assurance that Coretec will complete the previously
announced private placement on the terms announced or at all.

About Coretec

Coretec is one of the leading designers and fabricators of printed
circuit boards for the prototype and quick turnaround production segments
of the North American and European markets. Coretec distinguishes itself
from its competitors by providing an extensive suite of printed circuit
board services including field applications engineering support and
education; technology roadmap consulting, CAD layout; rapid response
manufacturing for prototypes; quick turn production for small-to-middle
volume quantity requirements; and facilitation of higher volume
requirements via partnerships in lower cost jurisdictions. The Company is
also differentiated by its broad range of PCB technologies.

Caution Regarding Forward Looking Information

This news release contains "forward-looking statements" within the
meaning of the United States Securities Litigation Reform Act of 1995,
and applicable Canadian Securities Legislation. Forward-looking
statements include, but are not limited to, statements with respect to
financial performance, opportunities, new market for growth and financial
position. Generally these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled", "estimates",
"forecast", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases, or state that certain
actions, events or results "may", "could", "would", "might", or "will be
taken", "occur", or "be achieved". Please be cautioned that any such
forward-looking statements are not guarantees of future performance and
involve significant risks and uncertainties. Actual results or
developments may vary materially from those projected or implied in the
forward-looking statements as a result of any number of factors,
including currency exchange rate fluctuations; variability of operating
results; dependence on certain industries; management of growth and
expansion; integration of operations; ability to attract and retain key
personnel; nature of sales; product complexity and product defects;
international operations; material cost fluctuations and limited
availability of raw materials; potential loss of customers; competition;
industry contraction and slow economic growth; technological change and
process development; environmental liability; need for additional
financing; product liability; pricing pressure; ability to reduce costs;
and other risks discussed in the section entitled "Risk Factors" in
Coretec's Annual Information Form dated March 26, 2009 which can be
obtained at www.sedar.com.

Contacts:
Coretec Inc.
Paul Langston
Chief Executive Officer
416-208-2160
langston@coretec-inc.com

Coretec Inc.
Aaron Ames
Chief Financial Officer
416-208-2165
aames@coretec-inc.com

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