EXHIBITS 99


Torbay  Holdings Inc.  Enters Into  Redemption  and  Settlement  Agreement  with
Debenture Holders, Withdraws Summons against Debenture Holders.

New York - February  17, 2004 - Torbay  Holdings Inc  (OTC:BB:  TRBY.OB):  today
announced  that it has entered into a Redemption  and  Settlement  Agreement and
Mutual General Release with certain holders of its debentures.

As part of the settlement agreement,  Torbay agreed to withdraw the summons that
it filed in Nassau  County,  New York in December  2003.  No complaint  was ever
filed by Torbay  against the  debenture  holders.  Terms of the  redemption  and
settlement agreement were not disclosed.


For more Information contact:

Tom Large
President & CEO
Torbay Holdings Inc
516 747 5955
tom@trby.com


Website www.trby.com or