Six North American Joint Ventures Announced in Past 3 Months

Mr. Roger A. Rached, President of INTERNATIONAL HI-TECH INDUSTRIES INC. (the "Company") is very pleased to announce that the Company has established its first Canadian joint venture to build a factory in Ontario, Canada with Hi-Tech Canada Development Corporation, of Calgary, Alberta, Canada.

Hi-Tech Canada Development Corporation (a company run by prominent professionals controlling approximately 4.5% of the Company's common shares with warrants to buy an additional equivalent percentage within the next two years) will contribute U.S. $10 million for a 49% interest in the joint venture for the factory to be established in the province of Ontario. An irrevocable down payment of CDN $150,000.00 on account of a license fee of CDN $1,500,000 covering one factory for Ontario has been paid. In addition, Hi-Tech Canada Development Corporation will pay to the Company the remainder of the license fee covering the above factory by December 31, 1999.

The business venture will involve the application in Ontario of the insulated concrete and steel panel-based building technology licensed to the company.

This brings the total number of joint ventures in North American announced since April 15, 1998 to six, with the potential for up to 10 IHI Joint Ventures factories to be built. The other North American joint ventures include Florida, the Bahamas, Georgia, Texas and California.

Conventional First Mortgage Closes

Further to its news release of June 29, 1998 the Company has completed a conventional first mortgage for the Hopcott Road Property in Delta British Columbia in the principal amount of $2.5 million with Highland Pacific Mortgage Corporation. A portion of the proceeds from the financing has been used to repay Columbia Kootenay Investment Inc. (which held a first mortgage over the property for approximately $1.8 million). The remaining proceeds will be used to complete the finishing work for the factory that is now in progress to get the occupancy permit.

Reconfirmation of Intention to take IHI International Holdings Ltd. Public

The Company, in a letter agreement among R.A.R. Consultants Ltd., IHI International Holdings Ltd. ("IHI-International"), Roger A. Rached and the Company, dated July 15, 1998, clearly confirms its intention to cause IHI-International to become a reporting company in fiscal 1999 and to offer its holders of common shares of the Company common shares of IHI-International.

Demand Note

The Company has been advised by IHI International Holdings Ltd. ("IHI-International"), the Company's 72% owned subsidiary, that IHI-International has accepted from Veda Consult S.A., the joint venture partner for Luxembourg, a demand note in the amount of US $462,500 as an irrevocable payment for 50% of the balance of the license fee (namely US $925,000). The demand note will bear interest at the rate of 6.5%. In December 1995, Veda Consult S.A. paid IHI International an irrevocable license fee down payment of US $275,000.

Annual General Meeting

The Company wishes to announce that all resolutions put before the shareholders at the Company's Annual General Meeting were overwhelmingly approved. The Board of Directors is now composed of the following individuals: Roger A. Rached, Director, President and Chief Executive Officer; Gerald Hamilton, Director and Acting Chairman of the Board; Evelyn Becker of Luxembourg, Director; Ferdinand Rauer of Germany, Director; and Thomas Po, Director. The Company also announced that it would not be proceeding with the anticipated six-for-one consolidation of the Company's outstanding common shares in 1998.

Office Building Rapid-Construction Demonstration

The dates for the "Construction Demonstration", when the Company will erect its 14,000 sq. ft. office annex for its Hopcott Road Facility, have been set for July 30, 1998. The Company has just obtained 10-year international warranties on the finishing, painting, sealants and roofing materials to be used with the IHI factory panels, and application is now underway. With the finished backdrop of the factory, shareholders, Joint Venture Partners and prospective clients will attend a seven working day event to erect the office building by a crew of five laborers where they will see how quickly the Hi-Tech System can be assembled to create a two story commercial structure. The event will be covered on our website on a daily basis. Mark August 15, 1998 on your calendar and contact the Company's Head Office as soon as possible to register for a tour of the facility and enjoy a 2-year ground breaking anniversary BBQ party.

Patent Progress and Certification

The Company is pleased to announce that the Peruvian Patent Office has issued a resolution granting the patent application. Applications have also now been filed in Hong Kong. This brings the total number of countries that have issued patents to 52 out of the total 180 countries where the technology is protected. The company is also pleased to announce that as of July 13, 1998, it has been certified with CWB (Canadian Welding Bureau).

Product Sales Update

The Company has decided to begin shipping product from its Research and Development Facility in Surrey, British Columbia in advance of completion of the fully-automated factory at Hopcott Road. This will allow clients with an immediate and urgent need for the Hi-Tech System to meet the timelines for their projects. Further announcements regarding firm orders and delivery dates and a list of the IHI product distribution and Joint Venture partners will be forthcoming.

International Hi-Tech Industries Inc. is a company whose principal business is the development and commercialization of a new building system in Canada, and internationally through its subsidiary, IHI International Holdings Ltd.

ON BEHALF OF THE BOARD OF DIRECTORS

THIS ANNOUNCEMENT IS UNDER NO CIRCUMSTANCES TO BE CONSTRUED AS AN OFFER TO SELL OR AS A SOLICITATION OF AN OFFER TO BUY ANY OF THESE SECURITIES. THE OFFERING IS MADE ONLY BY THE PROSPECTUS.