Vancouver, BC Canada (January 31, 2002): Rydex Corporation Limited, an Inmarsat Ventures subsidiary, and leading
      data communications and email specialist for the maritime industry has formally announced the signing of Mackay Marine
      as an Authorized Agent and reseller of Rydex’ rmx2 and express product suites.

Having Mackay Marine as a Rydex Partner will further increase Rydex’ sales and support presence in the
      Continental United States. “We see this as a strategically important agreement with Mackay, due to their
      relationship with key service providers and knowledge of marine communications equipment” said Mike Antoniak,
      General Manager Rydex Corp. “Together we can provide our customers with comprehensive marine communications
      sales and support.” Antoniak continued.

Mackay Marine operates out of 15 service depots in the United States, with their corporate headquarters in
      Raleigh, North Carolina. The focus of Mackay is deep seas marine electronics, sales and service. “We
      recognize Rydex as being at the forefront of shipboard communications, this agreement with Rydex will be a
      great benefit to both our mutual customers and our two companies.” says Jeff Schlacks, Co-President and
      Director of Service, Mackay Marine.

Since 1991, Rydex has been exclusively committed to developing software solutions for the marine industry. Rydex
      delivers ship-shore communications software and services that meet the business needs of the shipping industry
      and the technical demands of ship operations. Currently, over 1100 deep-sea vessels use Rydex public and private
      hub communications technology and services worldwide. In March 2000, Rydex Corporation Limited was acquired
      Inmarsat Ventures PLC, a leading global mobile satellite communications company.

Inmarsat Ventures PLC owns and operates a global satellite network and distributes its solutions through a
      worldwide group of service providers to end customers in the maritime, aeronautical and multinational
      corporate sectors. The Group operates in three core areas: global mobile satellite communications, fixed
      broadband communications solutions, and provision of content and applications to its key markets. In April 1999
      Inmarsat changed from being an intergovernmental organization to become a private limited company registered in
      the UK. The Inmarsat Ventures Group consists of:

         
• Inmarsat Ltd: the primary subsidiary, which owns and operates a global mobile satellite network.
            At the end of December 2000 it had over 212,000 terminals in use in over 150 countries, serviced by
            around 200 Inmarsat Service Providers and resellers. Inmarsat has over 21 years of experience of
            designing, launching and operating satellites.


         
• Invsat Ltd: provides integrated telecommunications systems and services including satellite
            systems, radio systems and very small aperture terminal satellite (VSAT) solutions to the oil and
            gas, maritime, government and emergency services markets.


         
• AIRIA Limited: which will provide live television broadcasts to the airline industry.

      

For more information on these organizations and their services please visit;
      http://www.rydex.com, http://www.inmarsatventures.com