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Pvaxx Ltd Assists With Completion Of Tender Offer By Varity Holdings Ltd.

20 20 2003

Hamilton, Bermuda: 20 October 2003 - PVAXX Ltd., a Bermuda based commercial materials sales corporation, announced today that management continues to work towards the completion of the tender offer by Varity Holdings Ltd. that terminated this past Wednesday, October 15. Mark Thatcher, Director of Legal Affairs advised that "Our company has concluded a productive week with our transfer agents here in Bermuda, Butterfield Fund Services Ltd., and have finalized the necessary paperwork and documents that will be delivered in person to representatives of Varity this week.

We anticipate that while certain members of our Board and management team will need several weeks to process the tender offer materials and arrange for funds to be transferred to Butterfield, we do not expect payment against the tendered shares to take longer than thirty (30) days from the termination date." The company plans to follow up this press release with further information and statements regarding Varity's payment schedule no later than next Thursday, October 23.