Global Technovations Receives OSA Letter of Intent From 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."