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Industries International Announces Acquisition of Unical Enterprises, Inc.
[July 29, 2004]

Industries International Announces Acquisition of Unical Enterprises, Inc.

SHENZHEN, China & LOS ANGELES --(Business Wire)-- July 29, 2004 -- China-Based Firm To Gain Licensing Rights to Bell Phones by Northwestern Bell Brand Logo through Acquisition, Will Sharpen Focus on Telecom Gear Business

Industries International, Inc. (OTCBB:IDUL) (INDI), a leading manufacturer and distributor of communications-related technology in China, today reported that it has acquired Unical Enterprises, Inc., a worldwide licensee of the Northwestern Bell logo.

The Company said that it believes that the acquisition gives it substantial new market reach, design capability and a valuable brand for its core business -- the development and sale of terminal communications products such as corded, cordless and wireless phones. In the transaction, INDI will issue approximately 70 million of its shares of common stock in exchange for 100% of the issued and outstanding stock of Unical. Unical is valued at $52.5 million according to a valuation report by Malcolm & Associates Appraisal. The closing price for Unical is set at $37.5 million and this amount will be paid by newly issued INDI common shares with each share priced at the average closing cost of the 5 days prior to the closing day of the acquisition, or approximately $0.538 per share.

Deal Reflects Telecom-Based Strategy

"With the purchase of Unical, we believe the Company has taken a big step forward in executing its growth plan," said Dr. Kit Tsui, INDI's Chairman and CEO. "The transaction serves to focus our resources and attention on our most promising business. In the consumer telephone area we believe that the Company will be able to grow rapidly by selling products by keeping up with consumer needs."

Company to Be Renamed China Telephone

In May, 2004, INDI's Board of Directors approved a change in its corporate name to China Telephone, Inc. The Company said it has chosen its new corporate identity both to give investors and customers a more precise description of its products and services, and to reflect its strategic decision to focus on the manufacturing and sale of telephone products.

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About Unical Enterprises

Unical Enterprises, Inc., is a vertically integrated telephone equipment company with research and development facilities in Korea and Taiwan, production facilities in China and marketing and sales facilities in California. It manufactures corded, cordless and wireless phones. Since 1992, it has been a licensee for the Northwestern Bell phone brand logo.

About Industries International

Industries International Incorporated is engaged in the development and distribution of communications terminal products, mainly corded and cordless telephones which are sold at more than 5,000 locations throughout China. For further information, please visit the Company's website at

Safe Harbor Statement -- This press release contains forward-looking statements that involve risks, uncertainties and assumptions that, if they never materialize or if they prove incorrect, could cause the Company's results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any projections of earnings, revenue, or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements concerning proposed new products, services or developments, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations as of the date of this press release. Actual results may differ materially from those projected because of a number of risks and uncertainties, including those detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company assumes no obligations and does not intend to update these forward-looking statements.

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