Portfolio Company Update

    Embargoed: 0700hrs, 10 May 2005

                         Sky Capital Holdings, Limited                         

                       ("Sky Holdings" or the "Company")                       

                           Portfolio Company Update                            

Sky Holdings, listed on the AIM market of the London Stock Exchange, is pleased
to announce that its 18% owned investment, Advanced Spinal Technologies
("AST"), has received approval from the Western Institutional Review Board to
commence clinical trials for its Technology-Assisted Micro-Mobilization and
Reflex Stimulator ("TAMARS") - previously known as the pamm3 MicroManipulator.
AST holds the exclusive license to the intellectual property and commercial
rights relating to TAMARS in the United States, Europe, Australia, Japan, and
all other countries of the World other than the United Kingdom and the Republic
of Ireland.

AST has already filed an application for marketing approval with the Food &
Drug Administration ("FDA") of the United States Government seeking approval
for the use of the instrument, which is intended for adjustment, mobilization,
or manipulation of the musculoskeletal joints of the spine. AST's intention is
to position the use of the instrument as a medical device. These clinical
trials, while not required for the FDA approval, are a significant step towards
becoming a recognised orthodox medicine in the United States and will provide
the first independent, publishable documentation of the safety and
effectiveness of TAMARS treatments in patients suffering from chronic back
pain.

It is widely acknowledged that, around the world, back pain and injury spending
is increasing. In the United States alone, where AST has the exclusive license
to the intellectual property and commercial rights for the TAMARS instrument,
Duke University researchers have demonstrated that $100 billion per annum is
devoted to the care and relief of patients with back pain. In any year, 15% -
20% of Americans and 25% - 45% of Europeans suffer from back pain.

TAMARS has become the basis of a carefully designed therapeutic procedure that
results in the restoration of spinal flexibility and mobility, and reducing or
eliminating back pain. The clinical trials conform to strict United States FDA
guidelines and will enroll thirty patients in one of three clinical sites.
Patients with back pain for three months or longer are eligible for the study.
Results will be evaluated on the Oswestry Low Back Pain Disability
Questionnaire, the Roland-Morris Low Back Pain and Disability Questionnaire,
the Hannover Activities of Daily Living Questionnaire, and the Visual Analog
Scale.

Dr. Jeffrey R. Perelman, M.D., President of AST, stated, "Following thousands
of successful treatments with the TAMARS device in the United Kingdom and
Republic of Ireland, we are delighted to begin clinical trials of the TAMARS
treatment in the United States on patients who, until TAMARS, have suffered
with chronic back pain and received little or no relief."

Ross Mandell, CEO of Sky Holdings, commented, "from the first moment we became
involved with this incredible technology, it has been our intention
commercialise it on a world-wide scale and sell it as an orthodox medicine. The
initiation of this clinical trial is a big step towards achieving that status
in the United States."

For further information please contact,

Ross H Mandell

Sky Capital Holdings, Limited.

Tel. 00 1 212 709 1900

Adam Reynolds / Ben Simons

Hansard Communications

Tel. 020 7245 1100

Statements in this press release other than statements of historical fact,
including statements regarding the company's plans, beliefs, and estimates as
to projected market size are "forward-looking statements". Such statements are
subject to certain risks and uncertainties and actual results could differ
materially from expected results. These forward-looking statements represent
the company's judgment as of the date of this release. The company disclaims,
however, any intent or obligation to update these forward-looking statements.



END
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