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PVAXX Ltd. Clarifies Relationship With Middle Eastern Affiliate

23 23 2003

HAMILTON, BERMUDA - 23 July 2003 - PVAXX Ltd., a Bermuda based commercial materials sales corporation (the "Company") announced today the clarification of its relationship with PVAXX Industries LLC. This new Bahraini enterprise is controlled by Ahmed Al-Khan, Chief Executive Officer. Both parties appreciate HRH Shaikh Abdulla Bin Hamid Bin Issa Al Khalifa's input to ensure their relationship will benefit the environment of Bahrain.

This press release may include forward-looking statements about the company's revenues and earnings and future plans and objectives. Any such statements are subject to risks and uncertainties that could cause the actual results to vary materially. These risks are discussed in the company's Bermuda Stock Exchange informational prospectus that may be found posted on the company's website at www.pvaxx.com.