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Pvaxx Ltd. Announces Final Schedule For Completion Of Payment Against Tendered Shares

Hamilton, Bermuda: 3 November 2003- PVAXX Ltd., a Bermuda based commercial materials sales corporation, announced today their management has completed meetings in Manama, Kingdom of Bahrain, with specialized legal consultants who will be advising the Manama based fund that will be responsible for making payment against tendered shares in connection with Varity's offer which expired on October 15, 2003. . A spokesman for Varity advised "utilization of an environmentally conscious private equity fund will be the preferred investment structure in order to make payment against tendered shares by PVAXX Ltd. shareholders". Although this will require some additional organizational and structural work to be completed by specialized counsel, we do not anticipate needing more than forty-five (45) days to have the fund in a position to make payment against tendered shares.

Board representatives of the Company who are currently in Manama also advised that "In connection with the completion of the Varity tender offer, we have agreed to commence the implementation of manufacturing in Manama while arranging residency status for key management personnel."

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.

For more information about PVAXX LTD., headquartered in Hamilton, Bermuda, please see:

www.pvaxx.com.

For international investor relations' matters, please contact:

investorrelations@pvaxx.com