FOR IMMEDIATE RELEASE

(February 05, 2004)

International Registries, Inc. (IRI), the Administrator of the Marshall Islands Maritime and Corporate Registry, is embarking on its biggest Asian expansion program in the last thirty years by opening new offices in three key cities. At the end of 2003, IRI opened an office in Singapore. Offices in Shanghai and Tokyo will follow in 2004.

During the past several years IRI and its group of affiliated companies have been decentralizing operations to provide customers with 24-hour worldwide service for vessel and corporate registrations and operational matters.

“We have a global policy of decentralizing our operations to be closer to our customers. In Asia, we have seen a significant increase in shipowners registering vessels with the Marshall Islands,” said Mr. Peter Wong, Managing Director of International Registries (Far East) Ltd. and Senior Deputy Commissioner of the Marshall Islands Ship Registry.

“Our rapid growth in new registrations in the Asian region means that we have to expand our network to provide on-the-spot service to our customers. With a new office in Singapore and offices on the way in Shanghai and Tokyo, we will be able to meet our strategy goals,” continued Mr. Wong.

In addition to opening offices in Singapore, Shanghai and Tokyo, IRI and its affiliates will increase their representation in India and the Philippines to meet Marshall Islands vessel owner’s strong demand for Indian and Filipino seafarers.

The Singapore Branch Office is operated by Miss Evelyn Soon, Business Development Manager, and Miss Shenon Foo, Corporate Administrator. Singapore Land Tower, where the IRI affiliate office is located, is in the heart of the financial and banking area of Singapore’s Central Business District. The office will provide both maritime and corporate services with support from the regional office in Hong Kong. “We are looking to add two more maritime specialists to our Singapore office in the near future to further strengthen our service levels to customers,” said Mr. Wong.

The Shanghai office is scheduled to open in the first half of 2004 followed by the Tokyo office later in the year. Both offices will be situated in key locations to better service clients.