PVAXX

PVAXX Research & Development Ltd is a Bermuda-based material science and technology group operating in a wide range of logistical, household and recreational product fields providing a combination of advanced proprietary manufacturing and materials technologies with next-generation environmental responsibility. Founded by Henry Stevens. Current market estimate $30bn. Registered in Hamilton, Bermuda.

The company became Renault F1 team secondary sponsor [http://www.renaultf1.com/en/media_center/news//index.php?news=tcm:3-51079] . The multi-year partnership will begin in the second quarter of 2007. Though the agreement includes PVAXX branding for the Renault F1 R26 race-cars for the final races of the 2006 season. The PVAXX logo will feature on the side of the nose and on the drivers’ helmets, beginning at the 2006 Chinese Grand Prix.

The company have a conjunction with Warwick Manufacturing Group [http://www.wmg.warwick.ac.uk/PagEd-index-topic_id-1-page_id-214.phtml] .

Other issues

Pallet Market

PVAXX will begin to supply the worldwide pallet market in the second quarter of 2007, as its first production, demonstration and training facility comes online at the PVAXX operational headquarters, ("PVAXX Centre") in Jebel Ali Free Zone, Dubai, UAE. This facility, which is capable of producing 1.5 million pallets per annum, will manufacture pallets made from Siluma, a mineral composite material developed by PVAXX, using PVAXX’s proprietary state-of-the-art, automated continuous rotational moulding processes.

PVAXX will supply the worldwide pallet market through its Territorial Manufacturer and Distributor (TMD) Program, where PVAXX will lease its rotational moulding equipment and technology to qualified industrial partners with industrial and/or shipping background, who will become sole manufacturers and distributors of the PVAXX Pallet within a defined geographical territory.