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BSX Approves Listing of 130,505,420 Common Shares of PVAXX Limited

14 14 2003

Hamilton, Bermuda, 14 July 2003 - The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of the 130,505,420 Common Shares of PVAXX Limited (the Company).

PVAXX was incorporated in Bermuda as an exempted company on 4 April 2003. The Company was established as a material science company for the development, manufacturing and marketing of industrial material related technologies and expertise on a worldwide basis.

First Bermuda Group Ltd. sponsored the listing of the Common Shares of PVAXX Limited.

The issue is being introduced for listing under the Restricted Marketing provisions of the Exchange and is for securities that are aimed at Qualified Investors, being individuals or institutions that invest either a minimum of $100,000 or otherwise meet one of the suitability tests defined by the Exchange.

John O'Kelly-Lynch, President of the Company stated that, "The Directors of PVAXX are delighted to be listed on the Mezzanine Market and look forward to a long and fruitful relationship with the BSX."

"The BSX is pleased to welcome PVAXX Limited to listing", said Mr. James S. McKirdy, Chief Compliance Officer of the BSX.