Global Technovations Receives OSA Letter of Intent From North American Automotive Retailer

    PALM BEACH GARDENS, Fla.--April 12, 2001--Global Technovations, Inc. (AMEX:GTN) or ("GTI") today announced that it had entered into a letter of intent ("LOI") with a major North American automotive retailer ("Retailer") serving the consumer market. The LOI covers a complete MotorCheck(TM) oil analysis program, including the lease of as many as 1,000 of GTI's MotorCheck(TM) on-site oil analyzer units ("OSA") to be placed at nearly half of the Retailer's locations. Under the terms of the LOI, the Retailer purchased 24,000 mail-in kits for use in many of their locations nationwide. The initial rollout incorporates a comprehensive mail-in program, facilitated by GTI, with intentions by the Retailer to move toward an integrated on-site program, utilizing GTI's OSA units. The agreement contemplates initial placement of up to 300 OSAs at many of the Retailer's locations across the country during the fourth quarter of 2001, and continuing the expansion through the year 2002. In addition to lease revenue, GTI will receive ongoing usage fees and other revenue.
    Will Willis, Chairman and CEO stated, "Our shareholders have waited a long time for an OSA transaction of this magnitude. We are doing everything possible to finalize this agreement and realize its full multimillion-dollar revenue potential. Currently, the agreement contains annual performance requirements and minimum annual revenue that, at contemplated levels, would make us cash flow positive. We expect that the definitive agreement will be executed within the next several weeks."
    Global Technovations, Inc., develops, assembles, and markets the patented MotorCheck(TM) and TruckCheck(TM) On-Site Analyzer, "an oil analysis mini-lab in a box," the spectroscopic instruments marketed under the name of SpecTrace(TM) liquid petroleum marker systems, the PetroAnalytics(TM) line of diesel fuel and gasoline properties analyzers for the automotive, truck and Global Technovations, Inc. heavy-duty equipment service markets, and it also manufactures, assembles and distributes audio speakers for the automotive industry through its Onkyo America subsidiary, which is one of the largest manufacturers and distributors of audio speakers in North America. For more information, visit www.Globaltechnovations.com.

Forward-Looking Statements

    The matters discussed in this press release relating to execution of the definitive agreement, anticipated OSA placements, and GTI becoming cash flow positive after full implementation of the agreement, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Additionally, words such as "expects," "intends," "believes" and similar words are used to identify forward-looking statements within the meaning of the Act.
    Some or all of these forward-looking statements may not occur. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. Such risks and uncertainties include the following: (1) the continued reliability of the OSA technology over an extended period of time, (2) unanticipated contractual or other barriers to reaching a definitive binding agreement with the automotive Retailer, (3) the ability of the Company to raise capital on acceptable terms to build the OSA and provide ongoing support, (4) successful completion of the mail-in test currently underway, and (5) the return of sales levels at the Company's Onkyo subsidiary to historic levels. Although as a general policy the Company does not intend to update forward-looking statements, it intends to do so as soon as practicable. Investors should also consider the factors contained in the Company's filings with the Securities and Exchange Commission.