NEW YORK--(BUSINESS WIRE)--May 24, 2004-- GEMZ Corp., (OTC: GMZP) announced today that it had formed a wholly-owned subsidiary, International Nanotechnology Corporation (INC) and that it had signed a letter of intent with Terra Solar Development Corp., a leading developer of photovoltaic and nanocell technology. The acquisition will be paid for with newly issued Preferred stock that under Rule 144 must be held for at least one year.

In connection with the acquisition the Board of Directors approved a consolidation, on the basis of one for one hundred, of the common stock of GEMZ Corp. fractional shares will be rounded up to the next highest number of integral shares and no fractional shares will be issued. The NASD has approved the new trading symbol for the stock effective today as GMZP.

Post the consolidation, there will be ten million shares authorized, 7.5 million shares outstanding, and about 6 million shares in the float.

Upon completion of the acquisition, Dr. Zoltan Kiss will become Chief Executive Officer of INC. Dr. Kiss is a noted inventor, with over thirty patents to his credit. He is the father of the LCD watch and his work has garnered major support from US and European governments, including the National Renewable Energy Laboratory, a part of the Department of Energy

(see http://www.nrel.gov/ncpv/pdfs/tf_energy.pdf)

About GEMZ Corp.

GEMZ Corp. is a publicly traded company located in New York City. The Company is a designer and distributor of karat gold jewelry in the United States. Its Consumer website is www.ucji.com.

Its new corporate website will be www.GEMZCORP.COM.