Progress Watch, Corp. - PROW:US - Establishes Swiss Subsidiary.

ZURICH, Switzerland -- Progress Watch, Corp. is a company dedicated to independently provide high end, innovative, flexible and unique mechanical watch movements to the watch industry.

Progress Watch announces that on April 5th, it established a 100% owned Swiss subsidiary, Calibrum SA, which will be located in La Chaux-de-Fonds. Calibrum will be an operating company responsible for the development, manufacturing, and sales of watch movements, components and other micro-mechanical components.

Calibrum will be headed by a strong and experienced management team; Ronald Ledermann (CEO), Werner Nydegger (CFO) and Peter Perler (CPO).

Ronald Ledermann (46), received his professional education at the faculty for law and business management, University of Bern, Switzerland. During his studies he received diplomas in marketing and securities law. During his professional career he has held several prominent top management positions in sales and marketing, including Vice President of Sales in Swatch Telecom SA, Switzerland, and Sales Director of Caran d'Ache SA, Switzerland. He currently comes from a position as partner and board member of Frandsen & Partner AG, Switzerland, a management consulting company now being part of network Toptech Groupe Conseil, Inc., Canada.

Werner Nydegger (54) is educated as CPA as well as in computer programming, with emphasis on the management of software development projects. During his 35 years of professional experience, he has held several positions as CFO. Over a period of 19 years as an independent advisor he has successfully completed several informatics development projects and advised more than 60 clients.

Peter Perler (45) is educated as both a technician in micro-mechanics and diploma engineer in micro-engineering. He has worked as an engineer at ETA, Grenchen, Switzerland (part of the SWATCH group), responsible for automation and development. From 1987 to 1994 he worked as an independent engineer responsible for several development projects, and founded a start-up company for the manufacture of watch casings made from natural stone. He comes from the position as engineering manager of SPT Roth AG, Lyss, Switzerland, a company with 700 employees world wide, specializing in the development and manufacture of items such as ceramic tubes of 80 micron.

With the establishment of Calibrum and its strong management, Progress Watch feels it is excellently positioned to profit from the increased demand in the watch and micro-mechanical industry.

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties and other factors not under the Company's control which may cause actual results, performance, achievements of the Company to be materially different from the results, performance of expectations implied by these forward-looking statements. These factors include, but are not limited to, the limited liquidity and the limited operating history of the Company.

For further information, please contact:

Progress Watch at:
Progress Watch, Corp.,
Ryf 21,
CH-3280 Murten
Switzerland
Tel.:     [phone]
Fax:      [phone]
e-mail:   [e-mail]

Important notice to all personnel of Progress Watch and any associated persons/parties:

The information contained herein is confidential it has been released. No information contained herein may be proliferated to any person or party whatsoever before such time as stated above, at which time the information will be released to the press and the stock markets. Any trade in the company's stock, directly or indirectly, before the information is released as above, is illegal and will be regarded as insider trading.