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FairBoss Announces Settlement And Appoints New Officers

MAPLEWOOD, NJ -- November 5, 2003 -- FairBoss Corporation today that certain shareholders of the Corporation have proposed solutions to the management resignations and turnover at the Corporation. These shareholders have worked diligently in recent weeks to resolve the remaining differences in their proposals and have successfully negotiated terms for an amicable resolution of outstanding issues.

As a result of such negotiations, the Corporation announced the execution of a Settlement and Release Agreement among the Corporation, Hawkbill Re Limited, Mark Kottler, J. Thomas Ramsey and Peter Holt resolving certain disputes relating to, among other things, such parties' respective participation in the ownership and management of the Corporation. The Settlement and Release Agreement was approved by the board of directors of the Corporation.

The Settlement and Release Agreement provides, among other things, for the payment of certain amounts to Mssrs. Kottler, Ramsey and Holt for services rendered to the Corporation, the purchase of certain shares of the Corporation's Common Stock by Hawkbill Re Limited, the repurchase of certain shares of the Corporation's Common Stock by the Corporation, reciprocal releases of all claims arising up to the date of the Settlement and Release Agreement, and the resignation of Mssrs. Kottler, Ramsey and Holt from their respective positions as directors and officers of the Corporation.

The Corporation further announces, in connection with the execution of the Settlement and Release Agreement, the appointment to the board of directors of the Corporation of Brent Bradshaw, John Burns and Robert Gregory, and the election of Brent Bradshaw as President and Chief Executive Officer, and John R. Hall, Esq. as Secretary of the Corporation.

It is the position of the Corporation that certain shareholder actions taken in recent months, the validity of which was questioned by certain parties to the Settlement and Release Agreement, have been rendered moot by the execution of this agreement.

For further information on FairBoss Corporation and subsidiaries, please contact the company at (973) 763-2100.