Bio-Aqua Systems, Inc., Announces Shareholder Approval of Acquisition of New Dragon Asia Food Group and Disposition of Bio-Aqua Subsidiaries.

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--Nov. 9, 2001

Bio-Aqua Systems, Inc. (AMEX:SEA) today announced that its shareholders approved the following matters:

1. The sale of substantially all of the assets of Bio-Aqua;

2. The issuance of approximately 37 million shares of common

stock or 93% of the outstanding common stock of Bio-Aqua in

connection with the acquisition of New Dragon Asia Limited;

3. An increase in the authorized capital stock; and

4. The change of the Company's name to New Dragon Asia Corp.

On July 17, 2001, Bio-Aqua was advised that it no longer met the American Stock Exchange ("Amex") requirements for continued listing. A hearing to determine if the combined company of Bio-Aqua and New Dragon Asia Limited would meet the Amex initial listing guidelines previously scheduled for Sept. 11, 2001, was rescheduled until Nov. 15, 2001. No assurance can be made that Bio-Aqua's request for initial listing will be granted.

While all matters with respect to the closing of the transaction approved by the Bio-Aqua shareholders have been completed, the formal closing of this transaction will take place as soon as possible after the Nov. 15 hearing.