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PVAXX Limited Reports That Former Bristol Meyer Squibb Executive Agrees To Serve As Chairman

28 28 2004

Hamilton, Bermuda: 28th June 2004 - PVAXX Ltd., a Bermuda based commercial materials sales corporation (the "Company"), announced today that John O'Doherty, recent European executive of Bristol Myers Squibb ("BMS") has agreed to serve as Chairman of the Board of Directors of the Company. Henry Stevens, Chief Executive Officer, stated "Mr. O'Doherty brings a wealth of knowledge and experience from his days at BMS to our Company that will directly benefit our manufacturing operations and business development. We are extremely pleased that he has agreed to assist our Company with the logistical global "roll-out" of our pallet manufacturing operations."

Mr. O'Doherty served as Managing Director, Vice President and President, European Manufacturing Operations, BMS from 1979-1997. During that tenure he was in charge of total operational responsibility for plants in Ireland, France and Germany, including 2 R & D groups. He also served as Board member of many BMS subsidiaries worldwide, while sitting on a number of corporate committees. Mr. O'Doherty also served as Managing Director of Antigen Pharmaceuticals from 1975-1979 and was the Managing Director of European manufacturing operations at TECHNICON Corporation. Currently, Mr. O'Doherty is the Chairman of the Board of ASA Pharma, a research-based Irish pharmaceutical company and also Chairman of the Board of Pharmaforce, a specialist recruitment company for the pharmaceutical industry.

Mr. O'Doherty has acted as pharmaceutical industry representative to the GATT negotiations for the final 2 years of these negotiations, served as President of the Dublin Chamber of Commerce, served as President of the United States Chamber of Commerce, Ireland, served as Vice President of the US Chamber of Commerce in Europe and been a Member of the Board of Governors, Dublin City University. He graduated as a Chemical Engineer from University College at Dublin. Mr. O'Doherty advised "I'm very pleased to guide PVAXX Ltd. through the initial stages of their global expansion and ultimate commercialisation of the Company's revolutionary technology."

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