Valex Korea Co., Ltd.

Valex Korea is a joint venture company with Valex Corp in USA.
Valex Korea Co., Ltd. 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 tubing
and fittings manufacturing plant in Korea, and will be ideally positioned to service
the vast Korean semiconductor industry.

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 distributes 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.

The creation of this new company will establish Valex's manufacturing presence
  in Asia and will be its first manufacturing facility located outside the United
  States. Valex Korea Co., Ltd. is scheduled to begin manufacturing 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 strategically located throughout North America and Europe,
  including its newly expanded central distribution facility based in Ventura,
  California.