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Varity Holdings Ltd. Tender Offer Withdrawn

10 10 2004

Hamilton, Bermuda: 10th November 2004 - PVAXX Ltd., a Bermuda based commercial materials sales corporation (the "Company"), announced today that management has received written confirmation that the Varity Holdings Ltd. ("Varity") tender offer (the "Offer") made to certain shareholders of the Company has been withdrawn. A spokesman for Varity advised that, "We were unable to resolve issues with our financiers to provide funds to cover payment against the tendered shares and, accordingly, have withdrawn our offer." In connection with withdrawal of the Varity Offer, Company shareholders who have not already withdrawn from the Offer will have their share certificates immediately returned and should notify the Company of any appropriate address changes.

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.

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