FOR IMMEDIATE RELEASE

(HONG KONG July 03, 2002) Leading Hong Kong law firm Johnson, Stokes & Master (JSM) has become the first in Asia to provide services under the legal system of the Republic of the Marshall Islands.

Top maritime lawyer and JSM partner, Alastair MacAulay, was officially admitted to practice the republic's law in April 2002 and is currently awaiting the certified true copy from the Marshall Islands' Supreme Court.

The Marshall Islands Associations Law, adopted in 1990, is primarily modeled on the corporate laws of the state of Delaware. Basically, JSM will be able to assist in company incorporation and formation as well as vessel registration in the Marshall Islands.

Peter Wong, managing director of International Registries (Far East), the administrators of the Marshall Islands flag, said: "Quite apart from being one of Hong Kong's oldest and most prestigious law firms, the company has a comprehensive network of offices and associates throughout the region. And in Alastair MacAulay, JSM has one of Asia and the world's foremost maritime law experts."

Mr. MacAulay said: "The Marshall Islands provides a more stable environment than many other states and is certainly a responsible jurisdiction. As it is now among the world's foremost open registries, it was a natural step for Johnson, Stokes & Master to provide these kind of services."