Valex Korea Co., Ltd.

<b>Valex Korea</b> is a joint venture company with Valex Corp in USA. <br> <b>Valex Korea Co., Ltd.</b> to be based in the new Eyon-Hansan Industrial Park,
which is located 40 miles south of
Seoul, the capital of the Republic of Korea.
Valex Korea Co., Ltd. will be the only ultra high-purity stainless steel tubi
ng
and fittings manufacturing plant in Korea, and will be ideally positioned to service
the vast Korean semiconductor
industry.
<p>The joint venture consists of a 66.5% interest by Valex Corp. and a 33.5% interest
  by
Mr. J.Y. Lee, owner of an independent distribution company, E&O Corp.
  in Korea, that currently distribute
s Valex tubing and fittings and other products
  primarily related to the semiconductor industry in the Republic
of Korea. Mr.
  Lee will serve as president of Valex Korea Co., Ltd.</p>
<p>The creation of thi
s new company will establish Valex's manufacturing presence
  in Asia and will be its first manufacturing facili
ty located outside the United
  States. <b>Valex Korea Co., Ltd.</b> is scheduled to begin manufactu
ring operations
  in mid-2000. Valex exports its electropolished stainless steel tubing and fittings
 
 used in the semiconductor and related industries internationally through seven
  distribution facilities s
trategically located throughout North America and Europe,
  including its newly expanded central distribution fa
cility based in Ventura,
  California.</p>