Global Technovations Announces Late Fiscal Year 2000 Annual Meeting to be Held On January 31, 2002

    PALM BEACH GARDENS, Fla.--Oct. 30, 2001--Global Technovations, Inc. (AMEX:GTN) (or the "Company") announced today that it would hold its Annual Shareholders meeting on January 31, 2002 for the fiscal year ended September 30, 2000 for the purpose of electing directors and auditors. No business presentation will be made. A Proxy Statement is in the process of being prepared and will be delivered to shareholders through appropriate distribution channels. The Annual Shareholders meeting for fiscal year 2000 is late as a result of substantial senior management time and effort spent addressing the Company's ongoing liquidity issues and operating losses. Last week, the Company announced that its wholly owned automotive subsidiary, Onkyo America, Inc., located in Columbus, Indiana is being sold or liquidated. The Company expects to resume its regularly scheduled Annual Shareholders meeting in April 2002.
    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. For more information, visit http://www.Globaltechnovations.com.