NEWS RELEASE

April 10, 2000
IVU-V UPDATE

The Company is pleased to announce that Mr. Pablo Palma of Santiago, Chile has joined the management team of International PBX Ventures Limited as Vice-President, eVentures. In the spring of 1999 the Company announced its intention to seek Intemet related projects with a view to diversification. Our focus has been the fastest growing Internet market in the world, Latin American market. This region with 500 million inhabitants is receiving top attention from Internet investors and Chile, a small but very advanced country, is the proven ideal place tbr business development in Latin America. No deals have been finalized to date but the Company is still actively seeking projects and reviewing submissions. In his capacity as vice-president Mr. Palma will head the Company's diversification into the Internet and related technologies.

Mr. Palma, an electrical engineer from the University of Chile brings to the Company over thirty years of experience in Computer Science, Internet related technology and software products and application to both the public and private sectors. During his career Mr. Palma has held the position of Professor of Computer Science at the University of Chile, was MIS Director of the Central Bank of Chile and President of the Committee for Bank Automation in Chile, has been the creator, partner and General Manager of various software distribution and development companies, was a founding partner and Director of the Chilean Software Association and first President of the Committee for Exportation of Software developed in Chile. Currently Mr. Palma owns and manages Hypernet a Microsoft Solution Provider company and is a partner or associate of a number of Internet and wireless communications companies working in the eComnierce and mCommerce (mobile and wireless internet commerce) fields.

The Company is confident that with the addition of Mr. Palma to the management team it will quickly acquire a top quality project in the forefront of Internet growth.

"Terence Walker, M.Sc, P. Geo."
President

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.

Trading Symbol: IVU - Canadian Venture Exchange