VRX Reports Annual and Fourth Quarter Results (Unaudited)

2003 Financial Highlights:

Fiscal 2003 Revenue $4.16 million up 228%
Fiscal 2003 Profits $1.68 million up 400%
EPS $0.06 per share

Vancouver, B.C. (February 17, 2004) VRX Worldwide Inc. (TSX Venture Exchange: VRW) today reported unaudited financial results for fiscal 2003 and the fourth quarter ending December 31, 2003.

Selected unaudited results for periods ending December 31, in CDN$ are as follows:

	Fiscal		Three Months ending Dec. 31
	2003	2002	2003	2002
Licensing Fees	$ 643,000	$ 256,000	$ 216,000	$ 97,000
Service Fees	3,515,000	1,010,000	954,000	284,000
Total Revenue	4,158,000	1,266,000	1,170,000	381,000
Total Cash Costs & Expenses	2,268,000	822,000	796,000	243,000
Income before other expenses (EBITDA)	1,890,000	444,000	374,000	138,000
Non cash expenses	152,000	108,000	38,000	13,000
Income taxes	58,000	-	58,000	-
Net Income for the period	$ 1,680,000	$ 336,000	$ 278,000	$ 125,000
Basic and fully diluted earnings per share	$ 0.06	$ 0.01	$ 0.01	$ 0.00

"Management continues to be very pleased with our revenue and profit growth," commented Robert McMorran, Chief Financial Officer of VRX. "We exceeded our targeted revenues of $4 million and our target profit margins of 40%. This accomplishment is particularly noteworthy given the vast majority of VRX's revenues are US dollar denominated and the declining exchange rate had a detrimental impact on both our top and bottom lines. Our fourth quarter results also met with expectations given our fourth quarters are historically soft due to seasonal fluctuations in the hospitality industry. "

As of December 31, 2003 the Company's working capital increased to $1,805,000 including cash of $1,576,000 (2002 - working capital of $73,000 including cash of $107,000). Accounts receivable comprised largely of custom content solutions delivered and invoiced late in the quarter, totaled $657,000 (2002 - $251,000). The Company has no long-term debt with liabilities limited to trade payables and accrued liabilities of $168,000 (2002 - $111,000), income taxes payable of $58,000 (2002 - nil) and deferred revenue of $213,000 (2002 - $192,000).

"2003 was truly an exceptional year for VRX," stated David MacLaren, President and CEO of VRX. "All components of our business plan demonstrated strong year over year growth and each made a significant contribution to our financial results. We have accumulated significant cash balances that will allow the company to develop new business offerings and, when warranted, make focussed acquisitions that will enhance our current offerings, further diversify our revenue streams, and add incremental revenue in years to come."

2004 Outlook

Based upon the results achieved in the second half of 2003 and anticipated custom content work for the Company's major clients, management expects strong growth in 2004. Similar to 2003, Custom Content revenue is expected to be stronger in the second and third quarters than that of the first or fourth quarters. In addition, during the first quarter, R&D expenditures related to potential future business offerings are expected to increase operating expenses without a commensurate contribution to revenue. As 2004 progresses, we anticipate that these new projects will become accretive to both revenue and profit. Nonetheless, management expects fiscal 2004 revenues to be at least 50% higher than levels achieved in 2003, with lower income growth due to increased R&D expenditures related to the ongoing development of new business initiatives, increased marketing expenditures, and due to the impact of corporate income taxes. Increased R&D and marketing expenses largely reflect the recent addition of three new staff and the engagement of two consulting firms. While fiscal 2004 revenues are expected to exceed levels attained in 2003, the first quarter financial results are expected to be below profit and revenue levels attained in recent quarters as a result of rescheduling certain Custom Content contracts.

2003 Operational Highlights

• All components of the current business plan - Content Licensing, Custom Content Solutions and Content Management posted triple digit revenue growth over 2002.
• Record number of images shot and processed.
• Record number of images and interactive maps streamed to client websites.
• First phase of geographic expansion implemented with initial coverage of top hotels in Paris, London, Rome, and Amsterdam.