NEW YORK--(BUSINESS WIRE)--Aug. 17, 2004--GEMZ Corp., (OTC: GMZP - News) announced today that its wholly-owned subsidiary, International Nanotechnology Corporation (INC) has signed 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. 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. Previously GEMZ Corp. had announced the signing of a letter of intent in connection with this transaction.

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).

Dr. Zoltan Kiss, will become Chief Technical Advisor of INC. He is a noted inventor, with over thirty patents to his credit said, "This planned new product is the first of what we expect will be a family of consumer products that utilize nanotechnology to provide cost-effective solutions to problems not previously solved with conventional technology and which have wide consumer application."

The product is expected to be available for sampling in the fourth quarter of 2004. Pricing has not been announced but is expected to be very competitive with older, more limited solutions.
Moshe Gluzman, INC president and an experienced Photovoltaic Engineer and entrepreneur commented, "We are delighted that a definitive has been signed with Terra Solar and we look forward to growing this exciting business, which some independent market forecasters have predicted will become a $28 billion business by 2008."

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