NEWS RELEASE

May 13 , 2003
IVU-V UPDATE

Int'l PBX Ventures shares acquired by Prudent Bear Fund

Prudent Bear has acquired control and direction, through Prudent Bear Fund, a mutual fund controlled by Prudent Bear, over 1.4 million common shares (representing 5.8 per cent of the outstanding shares) and warrants to purchase an additional 1.4 million common shares of International PBX Ventures Ltd. of Vancouver, B.C. If such warrants were exercised, Prudent Bear would have control and direction over 11.0 per cent of the outstanding shares of the company. Prudent Bear does not own or have control or direction over any other securities of the company.

Prudent Bear acquired the shares and warrants for investment purposes and have filed an early warning report with the British Columbia and Alberta Securities commissions in respect of the shares and warrants acquired. Copies of the report may be obtained from Stockwatch SEDAR files or without charge from Prudent Bear.

BY ORDER OF THE BOARD

"Gary Medford, PhD., P.Geo."
Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
The company relies on forward-looking statement litigation protection

Trading Symbol: IVU - Canadian Venture Exchange