Correction From Source - Jaba Inc. Re: Jaba Inc. Updates Reorganization And Reactivation Plans.

CALGARY, Alberta--(BUSINESS WIRE)--Jan. 10, 1996--JABA INC.-- JABA INC. (the "Corporation") (formerly Lomico International Inc.) announces that, over the past several months, it has taken steps towards its reorganization and reactivation.

The Alberta Stock Exchange granted conditional listing approval of the Corporation's Application For Listing on November 1, 1995. On December 7, 1995, the Alberta Securities Commission varied the cease trade order ("CTO") previously issued on July 10, 1991, so as to allow the Corporation to complete its reorganization (the "Order").

The Order provides that the CTO will be revoked 48 hours after delivery to the Calgary office of Alberta Securities Commission confirmation that the Corporation has received final approval from The Alberta Stock Exchange of its Application For Listing and the Corporation has issued and filed a news release and filed a Material Change Report.

Pursuant to the reorganization, the Corporation held a shareholders' meeting on October 27, 1995, to obtain shareholders' approval for the reorganization.

Pursuant to the reorganization, the Corporation consolidated its issued and outstanding share capital on a three for one basis. In addition, the Corporation changed its name from Lomico International Inc. to JABA Inc. These matters occurred on December 19, 1995.

On January 2, 1996, the Corporation acquired all of the issued and outstanding shares of JABA pursuant to the Share Exchange Agreement (the "Share Exchange Agreement") dated December 18, 1995 among JABA, the Corporation and the shareholders of JABA.

Pursuant to the Share Exchange Agreement, the Corporation acquired 1234 JABA shares, being all of the issued and outstanding shares of JABA, in exchange for the aggregate of 6,433,666 common shares issued from the treasury of the Corporation at a deemed value of $0.20 per common share. The total aggregate consideration paid for the JABA shares was $1,286,733. The consideration for the JABA Shares was based on the Corporation's review of the assets held by JABA.

On January 2, 1996, the Corporation acquired all of the issued and outstanding shares of 638253 pursuant to a take-over bid issued to each of the shareholders of 638253 (the "638253 Take-Over Bid"). The 638253 Take-Over Bid was made pursuant to a take-over bid circular prepared by the Corporation (the "638253 Bid Circular"). Pursuant to the 638253 Bid Circular, the Corporation offered to purchase 5,700,000 638253 Shares, being all of the issued and outstanding shares of 638253 issued and outstanding at the effective date.

The Corporation issued one Common Share from its treasury at a deemed value of $0.20 per Common Share in consideration for each 638253 Share tendered pursuant to the 638253 Take-Over Bid. The total number of Common Shares issued by the Corporation pursuant to the 638253 Take-Over Bid was 5,700,000 for the aggregate consideration of $1,140,000. The consideration for the 638253 Shares was based on the net book value per share of 638253.

Pursuant to an agreement between Scott Ratushny and Milos Gruber and Victor Loewen, Scott Ratushny acquired 2,000,000 pre consolidation shares of the Corporation (666,666 post consolidation common shares) for aggregate proceeds of $88,000 (or $.044 per post consolidation common share).

Pursuant to the Share Purchase and Loan Agreement (the "Share Purchase Agreement") dated June 21, 1995, between Betsy Sharpe, Greg Thomas, Mike McKnight, Mary-Beth Whyte, Noelle Tognetti, Julie Curtis, Corinne Maedel and Alain Lambert (the "Purchasers"), Scott Ratushny and 399983 Alberta Ltd. (the "Vendors"), 638253 Alberta Ltd. ("638253"), and the Corporation, the Vendors agreed to sell an aggregate of 700,333 post consolidation shares of the Corporation to the Purchasers subject to regulatory approval. The purchase price for the shares was $1.00.

In addition, 638253 loaned $30,000 to the Corporation at the time of the execution of the Share Purchase Agreement. Arrangements were made to loan an additional $100,000 to the Corporation upon completion of the transaction. The amounts loaned by 638253 were used by the Corporation to fund the Reorganization. At the closing on January 2, 1996, the Vendors transferred 533,333 common shares to the Purchasers. 399983 Alberta Ltd. assigned a $16,700 debt owed to it by the Corporation to Corinne Maedel.

Ms. Maedel in turn assigned it to Donald A. Sharpe. Mr. Sharpe, subject to receipt of regulatory approval, will convert the debt into 167,000 common shares. In addition, 638253 loaned an additional $100,000 to the Corporation on January 2, 1996.

The Board of Directors of the Corporation currently consist of John M. Guilbert of Tucson, Arizona; James A. Briscoe of Tucson, Arizona; Donald A. Sharpe of North Vancouver, British Columbia; James John Alexander of West Vancouver, British Columbia; and Dr. Robert Hodder of London, Ontario. -0-

THE ALBERTA STOCK EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE INFORMATION CONTAINED IN THIS PRESS RELEASE.

CONTACT: Donald Sharpe, 604/602-9002