PGS SIGNS AMENDMENT TO AGREEMENT WITH SINOCHEM FOR THE SALE OF THE ATLANTIS SUBSIDIARY

Under the terms of the revised agreement the gross proceeds of the transaction total up to $ 105 million, of which aproximately $ 55 million will be paid upon closure, at which time the ownership of Atlantis shares is transferred to Sinochem. The agreement provides for additional payments of up to $ 50 million, subject to completion and terms of certain sales contracts.