New Company Results from Merger

Following the recent merger of Kobelco Marine Engineering and Marine Business of Eagle Industries, the company announced the formation of a new company; KOBELCO EAGLE MARINE ENGINEERING CO., LTD. The new company is scheduled to commence operation effective 1st April 2004. Focusing on Marine Stern Tube Seals and Bearings, the new company will offer global services and support of existing, as well as new products to the Marine Industry.

For more information please contact : David W. Hawkins

Kobelco Eagle Marine, Inc.

366 Fifth Avenue, Suite 312

New York, NY 10001

Tel. 212-967-5575 / Fax. 212-967-6966