Mennen Trust Invests $5,000,000 in Global Technovations, Inc.

    PALM BEACH GARDENS, Fla.--Sept. 24, 2001--Global Technovations, Inc. (AMEX:GTN) or ("GTI", or the "Company") announced today that the Mennen Trust has purchased $5,000,000 of 12% Series E Convertible Preferred Stock, ("Series E Preferred"), increasing the total Mennen Trust investment in the Company to $26.5 million. Under the terms of the Series E Preferred agreement, the Mennen Trust can convert the preferred stock to common stock at a fixed conversion price of $1.00 per share. No conversion may occur until January 15, 2003. Additionally, 7% of dividends due on Series E Preferred will be paid in cash, the remaining 5% will accrue. The Company may redeem the Series E preferred along with any accrued dividends, in whole, or in part, at any time prior to January 15, 2003 and at any time thereafter prior to conversion at a 5% premium, subject to the Company reaching certain agreed upon milestones or upon the occurrence of certain events. If the Company does not attain any of these agreed upon milestones, or these events do not occur, the Series E Preferred cannot be redeemed. G. Jeff Mennen, a trustee for the Mennen Trust is a director of the Company.
    Will Willis, GTI's Chairman and CEO stated, "We intend to use these proceeds primarily for working capital to support the continuing rollout of the Jiffy Lube units, and for other promising OSA initiatives that are underway. On the OSA front, we believe we are making excellent progress, albeit not at the aggressive timetable both Jiffy and we have set for ourselves. As of today, we have 41 units installed and operating at Jiffy locations, and expect to have up to 60 units up and running by the end of the month. Because of the exceptional OSA results Jiffy Lube has experienced prior to initiating its marketing campaign, they have changed their strategy and delayed delivery of units to other markets. Instead, they expect to saturate three markets and will conduct two media spending tests to determine upside potential. If these media tests are successful, Jiffy Lube could increase their potential orders over the remainder of this year and next year above their previously announced goal of 1,000 units. These media tests will not impact our efforts to place 300 units by year-end."
    Willis continued, "We are very excited about the level of attention and commitment we are getting from Jiffy Lube's senior management. The relationship is proving to be the impetus we've needed to catapult our OSA awareness and associated revenue potential."
    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 http://www.Globaltechnovations.com.