WAVEX Announces Licensing Agreement with Canadian Hand Tool Industry Leader

Toronto: October 24, 2001

Wavex International Inc.'s subsidiary company, Wavex Corporation ("Wavex"), announced today that it has entered into a definitive licensing agreement with Wavex Tool Corporation ("WTC") a newly created associate of Innovak D.I.Y. Products Inc. ("Innovak"), to manufacture and sell hand tools incorporating the WAVEX TECHNOLOGY™.

Under the terms of the agreement, Wavex has granted WTC the exclusive worldwide license to manufacture, market and sell hand tools utilizing the WAVEX TECHNOLOGY™ for an initial five year term. In consideration of the grant of the license, Wavex will receive a future royalty stream based on the earnings of WTC.

"Wavex is constantly looking for innovative ways to apply its vibration-dampening utility and design patents", explained Thomas Larsen, Chairman and CEO of Wavex. "Wavex's proprietary technology will revolutionize the striking tool industry and ultimately become a benchmark for excellence. We are looking forward to a longstanding partnership with Innovak".

Innovak, a leader in the Canadian hand tool industry for over 50 years, manufactures, markets and distributes it products under the Fuller, Johnson, General and Allied brands as well as several known private brands.

Wavex is a technology based company specializing in developing technically advanced sporting goods and industrial products incorporating its revolutionary WAVEX TECHNOLOGY™. Wavex International Inc.'s shares are publicly traded on the NQB "Pink Sheets" under the symbol WVXI.

For Further Information:
Thomas G. Larsen, Chairman and Chief Executive Officer
Tel: (416) 203-1768 or 1 (800) 848-1892 Fax: (416) 361-1333
Jorge Estepa, Vice President and Secretary
Tel: (416) 203-1768 or 1 (800) 848-1892 Fax: (416) 361-1333

This news release may contain forward-looking statements relating to the future performance of Wavex International Inc. (Wavex). Forward-looking statements, especially those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially.