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PVAXX Ltd.Completes A First Round Of Road-Show Presentations

02 2 2004

HAMILTON, BERMUDA: APRIL 1, 2004 - PVAXX Ltd., a Bermuda based commercial materials sales corporation (the "Company"), announced today that our Kingdom of Bahrain based subsidiary, PVAXX Industries W.L.L. ("Industries"), has completed the first round of strategic investor presentations taking place throughout the GCC region, including Bahrain, Kuwait and the UAE. Mark Thatcher, Director of Legal Affairs, has advised that "Key members of the management team of Industries have concluded a successful two weeks of presentations that will allow for strategic investors to take a position in Industries, prior to the sale of its shares to the public through an initial public offering. The project has been well received by numerous institutions and we are encouraged by the progress that is being made."

Furthermore, Mr. Thatcher has stated that "Information has been generated and passed through to our Board of Directors (the "Board") regarding the potential valuation of PVAXX Ltd. common shares (the "Shares"), the potential for Industries, and the overall forecasts and projections for the Company. Although much of this information remains speculative, the Board is concerned that the potential $6.00 Varity Holdings Ltd. (Varity") payout could be relatively low under the circumstances." Consequently, the Company plans to meet later this month with a representative of Varity to discuss the pending offer and whether it will be effectuated or withdrawn. Accordingly, and for the benefit of our shareholders, the Board has authorized the release of portions of the Industries' PowerPoint presentation being used at various strategic investor meetings that will support the basis of the Board's observations. The Company anticipates continuing to update this information as it is deemed appropriate and practicable under the circumstances.

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