FOR IMMEDIATE RELEASE

(February 17, 2005)

International Registries, Inc. (IRI), the Maritime and Corporate Administrator of the Republic of the Marshall Islands, will increase its presence in Japan by opening a representative office in Tokyo this year. Like all IRI offices, the Tokyo office will be full service with the ability to form an international business corporation, record a mortgage, register a vessel or yacht and service clientele.

“Japan is a leading global maritime and financial center and we are meeting the growing demand for ship registration, financing, officer and crew licensing and corporate registrations by decentralizing operations and establishing local offices to service our customers,” said Bill Gallagher, President of IRI.

IRI expanded its network of offices throughout Asia by opening an office in Singapore in 2003 and an office in Shanghai in 2004. Captain Yasushi Higuma, IRI’s permanent representative in Tokyo, has been providing services to the Japanese shipping community since 2003.

“We recognize that a local presence brings us closer to our customers and helps us provide more responsive and efficient services. Our customers also benefit from IRI’s 55 years of experience in administering maritime and corporate registries,” added Mr. Gallagher.

The Marshall Islands is a member of the International Maritime Organization (IMO) and maintains a currency of knowledge, application and interpretation of the international conventions and activities within the IMO. With an assigned permanent representative to the IMO, the Marshall Islands participates in all of the major committee and subcommittee meetings. This representation enables the Marshall Islands to provide timely information to shipowners and operators concerning the safety and security of their vessels.

One example of the proactive approach taken by the Marshall Islands Administration came during the initial planning and implementation of the ISPS Code. The Marshall Islands Administration provided informative seminars to its owners and operators concerning implementation requirements enabling it to meet the ISPS Code enforcement deadline of 1 July 2004.

The Registry is currently the eighth largest in the world with 24.5 million gross tons (gt) and 828 vessels as of 31 January 2005 and is on track to reach its goal of obtaining 25 million gt within the first quarter of 2005.