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NEWS RELEASE
PANCAKE WHEEL ANNOUNCES LICENSE AGREEMENT WITH ASIA DIRECT
Virginia Beach, Virginia-
Following nearly a year of strategic planning and design discussions, Pancake Wheel is very pleased to announce that it has entered a technology license agreement with Asia Direct, Inc., of Atlanta, Georgia, a leading U.S. distributor of a variety of home and garden oriented products. Asia Direct currently distributes a number of products to major U.S. retailers, and also distributes its products to other international markets. The license agreement covers one or more products in final design development, for distribution by Asia Direct within U.S. markets by end of 2003. Commenting on the arrangement, Rick Shapiro, managing partner of Pancake Wheel, indicated that: "we
are very excited about this initial effort to introduce our technology to the American consumer. We feel that we have located a terrific partner in Asia Direct and look forward to seeing the new products available
later in 2003".
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