Indusmin Announces Works, UniGlobe Capital Trust and Kyiv Energy update

Indusmin reports the resignation of Mr. John H. Works, Jr as a director of Indusmin. Indusmin has terminated its previously announced agreement with UniGlobe Capital Trust. Indusmin is pleased to announce it has received the balance of the deposit from Kyiv Energy Corp.

Indusmin reports the resignation of Mr. John H. Works, Jr as a director of Indusmin. Emerging Markets Finance International, LLC, of which Mr. Works is President & CEO, has brought an action against Indusmin Energy Corp. for $14,780.40 USD for expenses and one months retainer, Indusmin is disputing the claim.

Indusmin has terminated its previously announced agreement with UniGlobe Capital Trust.

Indusmin is pleased to announce it has received the balance of the deposit from Kyiv Energy Corp. and is moving forward with the special meeting of shareholders, to be held on March 31, 2003, to approve its previously announced transaction. Under the terms of the transaction, Kyiv Energy Corporation has agreed to cover all costs to convene the special meeting for the shareholders vote.