The Topaz Group Inc. Announces The Company Has Re-Filed Their Form 10 With the SEC

Business Wire, Oct 30, 2001

Business Editors

ISSAQUAH, Wash.--(BUSINESS WIRE)--Oct. 30, 2001

The Topaz Group, Inc. (Pink Sheets:TPAZ) announced today the company has re-filed their Form 10 with the SEC.

Jeremy Watson, Chairman of The Topaz Group (Pink Sheets:TPAZ) commented, "The company has put forth great effort to continue working through the SEC process. We have also sent our reply to the American Stock Exchange in response to their questions from our initial listing request. We cannot estimate how much time either process will take, but we want to assure our shareholders that we are committed to achieving our stated goals."

About The Topaz Group

The Topaz Group, Inc., (www.topazgroup.com and www.creativegem.com), is a leading producer and distributor of precious and semi-precious stones, as well as finished jewelry, with over 3,000 employees. Annually, Topaz produces in excess of 30 million carats of loose stones, and over 1.7 million pieces of gold and silver jewelry. The company maintains control over the entire gem production process from mining, designing, cutting and polishing stones to marketing and distributing finished product to department stores, wholesalers and retailer outlets. Over 80% of the company's product is exported to North America. The company has offices in Thailand, Brazil and the United States. The Topaz Group, Inc., is listed on the OTC Pink Sheets and trades under the symbol TPAZ.

This press release contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, which represents the company's expectations or beliefs concerning future events. The company cautions that these statements are those in the forward-looking factors that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, without limitation, general economic conditions, competition in the markets in which the company operates and innovation in the jewelry industry. There can be no assurance that the actual results, events or developments referenced herein will occur or be realized. The company assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting such forward-looking statements.