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PVAXX Limited engages Jefferies, New York

15 15 2004

Hamilton, Bermuda: 15th December 2004 - PVAXX Ltd., a Bermuda based hi-tech commercial materials corporation (the "Company"), announced today that it has engaged Jefferies & Company, Inc. ("Jefferies"), New York to assist with a predominantly debt based financing of up to $240,000,000 that will allow the Company to complete maximum phase production of its Bahrain and US based "flagship" pallet manufacturing facilities. Jefferies, an investment bank and institutional securities firm, is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF).

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 or

Financial Dynamics

Wall Street Plaza

88 Pine Street

32^nd Floor

New York, NY 10005