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PVAXX Ltd. Distributes Tender Offer Documents: Delays Termination Date of Offer

10 10 2003

Hamilton, Bermuda, September 10, 2003 - On August 17, 2003, Directors of PVAXX Ltd. ("PVAXX" or "Company") received an unsolicited tender offer (the "Offer") from Varity Holdings Ltd. ("Varity"), headquartered in Tortola, British Virgin Islands, to purchase up to Fifty Million (50,000,000) Common Shares of PVAXX at a purchase price of $5.00 per share. Accordingly, PVAXX has assisted Varity with the mailing and distribution of various documents that will allow shareholders to determine whether they will tender their shares in connection with the Offer. Varity has also agreed to extend the Offer, now scheduled to terminate on October 15, 2003 to accommodate Bermuda's recovery from Hurricane Fabian. The documents have also been posted on the Company's website and may be downloaded and printed accordingly.

The Offer by Varity resulted from the completion of due diligence by PVAXX Industries, LLC and its affiliates who were disclosed in the Company's previously submitted press releases dated July 17 and 24, respectively. Varity is a transactional holding company that is owned by such individuals for the purpose of completing the Offer. A spokesman and director of Varity has advised the Company that they are on schedule and will be prepared to submit payments against tendered shares immediately following the Termination Date of the Offer, provided the requisite number of shares have been tendered.