Armada Announces Board of Advisors.

SACRAMENTO, Calif.--(BUSINESS WIRE)--Oct. 18, 1999--

Armada Mercantile Ltd. ("Armada") (VSE:AAR.) announces the formation of its Board of Advisors.

The mission of the Board of Advisors is to create growth and build value for Armada and its shareholders by capitalizing on the talents and resources of each board member. The Board of Advisors, which will expand, consists of Mr. Patrick Cole, president of Armada, Dr. Michael Elium, Mr. Dan Barden and Mr. Holt Smith. Each member brings hands-on experience in the fields of securities, investment banking, venture capital, mergers and acquisitions, start-ups, institutional investments and corporate management. Mr. Cole reports, "It is my intention to create a team of specialists who, through their expertise and networks, will assist in the development of Armada and financial resources for Armada's acquisitions."

Armada Mercantile Ltd. is currently transitioning from the Canadian travel industry and is seeking new opportunities. Armada has been working closely with the Vancouver Stock Exchange and Global Securities through the due diligence phase and "Change of Business". The members of the Board of Advisors will be granted stock options from Armada and receive compensation for services rendered for their part in Company growth. The following is a list of personal biographies for Board of Advisors members Dr. Elium, and Messrs.

Barden and Smith:

Dr. Michael D. Elium

Michael Elium is currently President and founder (1994) of National Financial Connections, a privately held and funded California-based company specializing in receivables financing and debt instruments. He is a founding member of TCS Partners, LLC, the general partner of the Tech Coast SuperFund, a private equity venture capital fund-of-funds focusing on start up through expansion stage technology investments in Southern California's tech coast.

Dr. Elium also holds a concurrent position of Managing Director with Institutional Investors Consulting Company (IICC), an investment advisory group and NASD licensed broker/dealer. Dr. Elium is a charter member of the "Sacramento Angels", a private angel investment group in Sacramento, California. He is a charter member of The Resourcing Center, a virtual business incubator in the San Francisco Bay area. He received his doctorate in behavioral sciences from the University of Alabama in 1983.

Mr. Daniel Barden:

Daniel Barden founded Citadel Associates, Inc. in 1989 to provide financial consulting and development services to the commercial real estate industry. Over the years, Citadel has broadened its focus to also include strategic planning, financial consulting, and investment banking services to high technology companies. Mr. Barden has served in corporate executive positions and on the boards of telecommunication growth companies. Mr. Barden received a B.A. from the University of Vermont.

MR. JOHN HOLT SMITH:

The Los Angeles, California law firm of Smith & Associates represents a select group of business clients in both the domestic and international arenas. The firm's practice includes federal and state securities matters, including all forms of public and private securities offerings, general corporate transactions, and financing. The firm serves as general counsel to numerous developmental stage and mid-level high-technology, multimedia, service and entertainment companies, many of which the firm assists in securing financing for development or expansion. MR. SMITH attended Vanderbilt University (B.A. 1963, LL.B. 1966).

Patrick Cole, President