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PVAXX Ltd. (Bermuda) Inks Exclusive Licensing Agreement With Reckitt Benckiser Produktions GMBH

01 1 2004

HAMILTON, BERMUDA, THURSDAY, JULY 1, 2004 - PVAXX Ltd., a Bermuda based commercial materials sales corporation (the "Company"), announced today that it has executed an exclusive license for the commercialisation of certain new materials with Reckitt Benckiser Produktions GMBH ("RB").Mark Thatcher, Director of Legal Affairs, advised that "Our Company is pleased to have completed a four year development programme with RB and excited that this will allow for the commercialisation of certain new products.

Klaus Hofmann, Senior Vice President Global Procurement, stated "RB is looking forward to continuing our relationship with PVAXX and is pleased to be moving forward with regard to the commercialisation of certain PVAXX developed materials that are being licensed to us on an exclusive basis. We are encouraged by the general market opportunities and look forward to working closely with PVAXX to ensure success for both parties while fulfilling our collective production plans."

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