Free government grants

ChinEx International, announced that the Chinese government has granted the Company's request for tax free status for its first three years, followed by a 10 percent corporate tax for the subsequent three years. The corporate tax rate in China for a joint venture company like ChinEx is typically about 30 percent.

The certificate provided by the Chinese government indicates that ChinEx will not have to pay corporate taxes on its profits until April 9, 2004 and it will pay only a 10 percent tax between April 10, 2004 and April 9, 2007.

ChinEx is a joint venture owned by China National Machinery Import and Export Corporation (CMC) and 2dobiz Inc. It has been created to export products from China using a state of the art e-commerce platform.

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