Global Technovations Signs $18,000,000 Contract

    PALM BEACH GARDENS, Fla.--Aug. 9, 2001--Global Technovations, Inc. (AMEX:GTN) or ("GTI", or the "Company") announced today that its Onkyo America, Inc. ("Onkyo") subsidiary has entered into an agreement with a major Tier One automotive OEM supplier to provide 15 component speakers ("Speakers") to be included as part of their satisfying of a major OEM automotive contract.
    Onkyo expects to receive $18 million in revenue from supplying Speakers for four vehicle models over the first two years of production.
    Will Willis, President and CEO of Global Technovations, stated, "We have been working on this contract for almost a year and it is truly gratifying to finally get it executed. We are currently in production and this contract will have an immediate positive impact on our financial performance at Onkyo."
    Mr. Willis continued to say, "We regret that we are unable to disclose the name of our customer or the specific vehicle models covered in this contract. The automotive industry is very sensitive about maintaining the confidentiality of suppliers and customers."
    In summary, Mr. Willis commented, "During the last nine months, the automotive industry has experienced a very difficult time. This has negatively impacted our Onkyo OEM automotive revenues, which are almost directly proportional to OEM new vehicle build schedules. We have been working diligently to close new contracts, reduce costs and to seek non-automotive OEM business to help offset the impact of the automotive industry wide recession. We have been making good progress and we are confident that we are well positioned to take advantage of the anticipated industry recovery."
    Onkyo is a leading domestic manufacturer of high quality automotive Speakers, primarily for four OEMs in North America -- General Motors, Toyota, Nissan, and Daimler-Chrysler. Onkyo manufactures and sells paper and plastic coned automotive Speakers to OEMs and OEM distributors. These Speakers are installed in a full range of vehicles including sports utility vehicles, trucks, passenger sedans and coupes, and sport cars. Onkyo manufactures Speakers, and produces over 150 models of various automotive and consumer related Speakers. Onkyo is also engaged in the development and manufacture of audio Speakers for the consumer electronics industry, which includes computers, televisions, telephones, and the automotive and home aftermarkets.
    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," solid state spectroscopic analyzers for liquid petroleum marker detection systems, the PetroAnalytics(TM) line of diesel fuel and gasoline properties analyzers for the automotive, truck and heavy-duty equipment service markets, and it also manufactures, assembles and distributes audio speakers for the automotive industry through its Onkyo America, Inc. subsidiary, which is one of the largest manufacturers and distributors of audio speakers in North America. For more information, visit www.Globaltechnovations.com.