Arbatax International Inc. to acquire private Swiss bank.

ZURICH, Switzerland--(BUSINESS WIRE)--October 4, 1996--Arbatax International Inc. (Nasdaq OTC Bulletin Board:ATANF and VSE:AAX) announced today that it has entered into a definitive agreement to acquire all of the shares of a private, full-service Swiss bank.

Arbatax plans to acquire the bank for approximately $20 million (U.S.) which equals approximately the bank's net book value. The bank provides a full range of financial services to high net-worth individuals as well as small and medium-sized institutions on a world-wide basis. The bank is not engaged in commercial lending or real estate activities. The transaction is expected to be completed on or about January 31, 1997 and is subject to regulatory approval.

Michael Smith, President of Arbatax, commented: "This acquisition is another cornerstone in our strategy of providing specialized financial services."

Arbatax International Inc. operates in the financial service industry and concentrates on acquisitions and development of under-valued assets.

CONTACT: ARBATAX INTERNATIONAL INC.

Michael Smith, President

Rene Randall, Corporate Relations

[phone]

or

Morgen-Walke Associates

[phone]

June Filingeri/Jonathan Schaffer

Media Contact: Stan Froelich