The joint venture consists of a 66.5% interest by Valex Corp. and a 33.5% interest
by Mr. J.Y. Lee, owner of an independent distribution company, E&O Corp.
in Korea, that currently distributes Valex tubing and fittings and other products
primarily related to the semiconductor industry in the Republic of Korea. Mr.
Lee will serve as president of Valex Korea Co., Ltd.
The creation of this new company will establish Valex's manufacturing presence
in Asia and will be its first manufacturing facility located outside the United
States. Valex Korea Co., Ltd. is scheduled to begin manufacturing operations
in mid-2000. Valex exports its electropolished stainless steel tubing and fittings
used in the semiconductor and related industries internationally through seven
distribution facilities strategically located throughout North America and Europe,
including its newly expanded central distribution facility based in Ventura,
California.