LANCER OFFSHORE INC AND THE OMNIFUND LTD

Further Arguments were heard by the High Court in the British Virgin Islands in the Lancer matter on Wednesday 11th June, 2003.

In an effort to comply with requirements of the Civil Procedure Code which specify that sufficient time be given for parties to respond to the evidence in the matter, the High Court scheduled a further hearing in the matter for 8th September, 2003.

Since the 30th May, 2003 hearing, other investors successfully sought leave through local attorneys to appear in the matter.