Diversified and Working Capital Corporation Sign Investor Relations Agreement.

Business Editors

SIDNEY, British Columbia--(BUSINESS WIRE)--Oct. 9, 2003

Diversified Industries Ltd. ("Diversified" or the "Company") is pleased to announce that it has entered into an Investor Relations Agreement ("Agreement") with Working Capital Corporation ("WCC"), whereby WCC will manage the Company's investor relations activities beginning October 8, 2003.

Founded in 1999 by Christopher Gulka, WCC is a Calgary, Alberta-based corporate finance firm that specializes in valuations, due diligence, corporate finance, investor relations, and management consulting.

Investor Relations Program: Under the terms of the Agreement, WCC will strategize and implement an investor relations program. The focus will be on increasing awareness of Diversified in the brokerage community, media, and among retail and institutional investors. This will be accomplished through broker meetings and presentations, trade shows, and email and telephone programs, etc.

The Agreement: The Agreement is on a month-to-month basis beginning October 8, 2003 and will remain in full force and effect unless terminated or modified, in writing, by the parties. In consideration for the services provided by WCC, we have agreed to pay a monthly retainer of $3,000 (plus GST) and to cover other pre-approved expenses. In addition, the Company will issue 110,000 stock options to Mr. Gulka at $0.70 per share. Options will be issued according to TSX Venture Exchange (the "Exchange") policies and according to the Company's stock option plan. The Agreement is subject to approval by the Exchange and by Diversified's Board of Directors.

Christopher Gulka, CA, CFA: For the past five years, Mr. Gulka has been involved extensively in the fields of investor relations, securities regulation, valuations, due diligence and corporate finance. He has been a Financial Analyst at the Alberta Securities Commission, an Investment Analyst at a venture capital firm, a Business Valuator at a corporate finance boutique, and a merchant banker.

Mr. Gulka writes The Stock Manager, an investment newsletter that is distributed across North America as well as The Prairie Trader, a monthly investment column in the Alberta Venture Magazine. Mr. Gulka has presented numerous courses and seminars on investing and financial analysis, and his articles have been published in financial magazines and newsletters. For further information on WCC and Mr. Gulka please visit the WCC website at www.workingcapitalcorp.com.

Diversified is a product development and marketing company specializing in unique technologies and solutions that target a cross-section of industries. Our corporate strategy is to acquire, fund and aid in the commercialization of these unique technologies and products to provide long-term share appreciation. Diversified has successfully launched one technology and is in the process of acquiring three more.

Diversified's first technology acquisition was DVS 6000, a liquid scavenger technology used for the removal of various contaminants such as H2S from oil, gas, air and water. DVS 6000 has proven itself in several applications thus far within the oil and gas industry with the most recent application announced September 18, 2003. End users have now demonstrated that DVS 6000 can be used to neutralize H2S by means of direct injection into the pipeline at wellheads of low H2S gas wells. This is a significant discovery and opens the doors for use of DVS 6000 as a polishing agent for the removal of low levels H2S and "hi-end" mercaptans at sour gas plants and refineries.

The second proposed technology acquisition announced September 11, 2003 is for two unique technologies: a lightweight proppant and a lightweight additive. Proppants are used in oil and gas well stimulation operations and, more specifically, in hydraulic fracturing and gravel-packing operations in the oil and gas industry. Lightweight additives are used as accelerants in explosives for mining; foams for sound and thermal insulation in the aerospace industry; autobody putty fillers in the automotive industry; and potentially have use in oil well stimulation operations and lightweight cement slurries. All of these industry uses are well established and in need of new and improved lightweight technologies. This technology acquisition is subject to Exchange approval.

The third proposed acquisition announced September 16 and October 3, 2003 is a thermal light energy technology utilizing a high intensity plasma arc lamp. This light technology uses a portion of the light spectrum along with proprietary application processes to generate an ultra hot beam. Three directors of Diversified viewed a working prototype unit as it was used to break hard rock, demonstrating the potential use of the technology in mining and tunneling applications. There are numerous potential applications for this technology. Some of these markets may include mining, oil & gas, construction, agriculture, recreation, water treatment, metal treatment, solar simulators and paint removal to name a few. This technology acquisition is subject to Exchange approval.

Diversified is listed on the TSX Venture Exchange under the symbol "DVS".

ON BEHALF OF THE BOARD OF DIRECTORS

OF DIVERSIFIED INDUSTRIES LTD.

Stephen L. Davis, President/CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release.