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Pvaxx Ltd. Announces Engagement Of A Bahrain Investment Bank

22 22 2003

HAMILTON, BERMUDA, DECEMBER 19, 2003 - PVAXX Ltd., a Bermuda based commercial materials sales corporation (the "Company"), announced today that its management has completed additional rounds of meetings in Manama, Kingdom of Bahrain, whereby the Company is pleased to announce that it has entered into an underwriting relationship with a prominent Bahrain investment bank in order to facilitate the manufacturing and leasing of shipping containers and pallets. . As a result of these meetings, Board representatives of the Company, who are presently in Bermuda attending various corporate governance meetings, advised that Varity Holdings Ltd. has elected to extend the completion of the tender offer to our shareholders while raising the payment price to $6.00 per share. Although the underwriting process will need to be completed in order for Varity to provide payment against tendered shares, they have elected to adjust the tender payment upwards from $5.00 to $6.00 per share although, as a concession for this adjustment, will not provide payment against tendered shares in excess of one hundred fifty thousand (150,000) shares per shareholder.

Mark Thatcher, Director of Legal Affairs, stated "Our working relationships in Bahrain have continued to strengthen as our company forges ahead to provide management support and Unifier to the new Bahrain entity. This will allow us to meet our projections and commence the development of other product lines that will evolve in other parts of the world. Certain members of our Board have worked through lengthy relationships in Bahrain. Although this particular region of the world provides the most potential for the Company, and provides the best opportunities for efficient and effective production of selected end products, the time, patience and ability to navigate through those relationships is very delicate. Consequently, it is critical that our shareholders only contact the PVAXX Ltd. headquarters in Bermuda, or more specifically, Mr. Thatcher, with further questions. Butterfield Fund Services Ltd., our transfer agent located in Hamilton, and PVAXX Research and Development, our UK based R&D facility, are not in a position to respond to inquires nor do they possess relevant information to provide such shareholders with the accurate responses they may need or require."