Gemz Corp. Expects its International Nanotechnology Corp. Subsidiary to Demonstrate First Product in Fourth Quarter 2004

NEW YORK--(BUSINESS WIRE)--Aug. 24, 2004--

Progress Based on Signing Definitive Agreement with a subsidiary of TSDC Terra Solar Development Corporation

GEMZ Corp., (OTC: GMZP - News) announced today that its subsidiary, International Nanotechnology Corp. (INC) will sample its first consumer product in the fourth quarter of 2004. This progress is based on signing, as previously announced, of a definitive agreement with TSDC-N, a joint venture created by Terra Solar Development Corp. (TSDC) and Dr. S. Kulcsar. TSDC is a leading developer of photovoltaic and nanocell technology. As announced, INC will acquire substantially all of its nanotechnology assets of TSDC-N and an exclusive license to sell certain photovoltaic products being developed by TSDC in the United States as well.

The INC product is believed to be the first to use PV Nanofilms, which combine thin films and nanotechnology so they it can also work indoors in most lighting situations. Nanofilms have elements below 1000 and even below 100 nanometers. The National Science Foundation (NSF) defines nanotechnology as consisting of components and elements 1000 nanometers and under. (1 nanometer is one billions of a meter or 10 Angstroms).

Pricing has not been announced but according to Dr. Zoltan Kiss, chief technology advisor to INC, it is expected to be very competitive with older, more limited solutions.

About GEMZ Corp.

GEMZ Corp. is a publicly traded company located in New York City. Its new corporate website is www.gemzcorp.net.

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