WAVEX Tool Corp. Introduces New Line of Shock Absorbing Hammers
New technology raises the standards of the striking tool industry and takes the Canadian market by Storm

Toronto: May 1, 2002

Wavex International Inc.'s subsidiary company, Wavex Corporation ("Wavex"), is pleased to announce that Wavex Tool Corporation ("WTC") has started selling its line of Wavex "Shock Absorbing Hammers" throughout Home Depot stores across Canada.

Wavex entered into a previously announced definitive licensing agreement with Wavex Tool Corporation ("WTC"), to manufacture and sell hand tools incorporating the WAVEX TECHNOLOGY™. This new venture is the perfect marriage of two industry leaders - Wavex and the Innovak Group of Companies - who have worked hard to take striking tools to new heights in technology and consumer safety.

"Wavex's shock absorbing technology has been well proven" explained Robert Davis, Chairman Wavex Tool Corporation, "we saw the addition of Wavex hammers to the corporation's diverse product line to be a natural fit. Home Depot's endorsement is a clear testimony to the quality of our product."

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.

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.