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2nd May 2008

Update on recent announcements

Following the recent announcements made by the Company we further advise that we shortly expect to conclude negotiations which will result in changes to the PVAXX corporate structure combined with sufficient financing to ensure the Company is able to roll-out its business and repay debts.

In the event that the restructuring is not completed the Company will have to source alternate means of funding as a matter of some urgency.

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