NASSCO Reports ``Excellent'' Results with SeaLife 1000; Division of $13.8 Billion Company Completes Phase-One Testing of Revolutionary Antifoul Coating.

Business Editors/Environment Writers

CULVER CITY, Calif.--(BUSINESS WIRE)--July 24, 2003

SeaLife Corporation (OTCBB:SLIF), an environmental biotech company and the manufacturer of SeaLife 1000 Antifoul Paints, is pleased to announce the successful completion of phase-one testing of its proprietary, high performance, environmentally safe, anti-foul, anti-corrosive coating conducted by the National Steel and Shipbuilding Company (NASSCO), San Diego Bay, CA.

NASSCO, a division of General Dynamics Corporation (NYSE:GD), a $13.8 billion dollar corporation with leading market positions in business aviation, shipbuilding, marine systems and land and amphibious combat systems, is among the largest shipyards in the United States and a premier designer, builder and primary contractor for the nation's Navy auxiliary ships, including hospital ships, oil tankers, combat supply ships, tank landing ships, roll-on/roll-off ships and oceanographic research ships.

NASSCO is the only major new construction yard on the West Coast, with 25 percent of its business devoted to the repair and overhaul of the Navy's Pacific Fleet.

In a first phase of a controlled test just completed, SeaLife 1000 Antifoul Paint was labeled "excellent" by NASSCO officials who are now looking to expand the testing of the company's revolutionary antifoul coating. The importance of an effective antifoul coating is critical, as a barely visible 10 micro/meter (1%) increase in average hull roughness caused by fouling, can equate to as much as 1,700 tons of additional fuel use over the course of one year for a single ship due to fouling and subsequent frictional surface resistance.

In fact, a Navy destroyer, after only 6 months in temperate waters suffers a 50% increase in fuel consumption at 10 knots due to fouling and a badly fouled hull can reduce the top speed obtainable by 2/3rds. It has been estimated that if the U.S. Navy used no anti-fouling paints, their fuel costs would increase by $1 Billion dollars over 10 years.

Mr. Robert McCaslin, CEO of SeaLife Corporation, stated, "This is an exciting time for our company and our shareholders. We believe our proprietary, enviro-safe, antifoul technology will emerge as the ultimate solution to the global problems associated with fouling, such as excessive fuel consumption and the devastating damage to the marine eco-system caused by dangerous toxins used in other antifoul products. Our company's resolve is to revolutionize our industry and to capture a substantial share of the highly regulated $8 billion dollar global anti-foul coating market -- in partnership with nature."

The result of 12 years of research conducted by prominent laboratories in the United States and Europe, the company's break-through technology has made it possible to effectively replace the commonly used anti-fouling agent Tributyl tin (TBT), a toxic compound banned globally as of January 1, 2003. SeaLife Corporation is able to provide its customers with 2003-compliant anti-foul coatings that meet the stringent requirements of The International Maritime Organization (IMO), The United States Environmental Protection Agency (USEPA) and local EPA agencies, and will continue to introduce new quality products based on its innovative enviro-technology, offering simple, economic solutions to the complex problems of environmental pollution.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward looking matters discussed in this news release are subject to certain risks and uncertainties including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Visit our web site: www.sealifemarine.com