Bio-Aqua Systems, Inc., Company Receives Delist Notice From AMEX.

Business Editors

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Aug. 7, 2001

Bio-Aqua Systems, Inc. (AMEX:SEA) announced that on July 17, 2001, Bio-Aqua received notice from the American Stock Exchange Staff indicating that Bio-Aqua no longer complies with the American Stock Exchange's continued listing guidelines as set forth in the American Stock Exchange Company Guide. The American Stock Exchange's notice was based on the following concerns and applicable continued listing guidelines: unsatisfactory operating results and impaired financial condition (as set forth in Section 1003(a)(iv) of the Company Guide); reduction of operations (as set forth in Section 1003(c)(i) of the Company Guide); failure to hold an annual meeting and file a definitive proxy statement (as set forth in Section 704 and Section 1003(d) of the Company Guide); and the market value of public float below $1,000,000 and low selling price of common stock(as set forth in Section 1003(f)(v) and Section 1003(b)(i)(C) of the Company Guide).

Due to the above deficiencies, Bio-Aqua's securities are subject to being delisted from the American Stock Exchange. Bio-Aqua has appealed the determination made by the American Stock Exchange and has requested a hearing before a committee of the American Stock Exchange.