Global Technovations Installs 100th OSA Unit At Jiffy Lube Locations
PALM BEACH GARDENS, Fla.--Nov. 19, 2001--Global Technovations, Inc. (AMEX:GTN) or ("GTI", or the "Company") announced today that it had installed its 100th patented MotorCheck(TM) on-site oil analysis ("MotorCheck(TM)" or "OSA") unit, one each at 100 different Jiffy Lube International ("Jiffy Lube") locations primarily in San Francisco, Sacramento, and in the South Florida markets. The Company expects to install approximately 50 more units in Houston, Ft. Worth and San Antonio Jiffy Lube locations by the end of the year. On Nov. 7, Jiffy Lube announced via a press release that it was beginning to offer four new services that will allow vehicles to provide information about performance levels and overall operating condition. This information is designed to avoid the inconvenience and costs of a breakdown, and extends beyond the scope of traditional routine automotive preventative maintenance. The new diagnostic services, featuring patented processes that have never been offered on such a wide-scale, will provide a one-stop "health check" for vehicles.
Will Willis, GTI's Chairman & CEO stated, "We are very pleased that our OSA MotorCheck(TM) technology is being used by Jiffy Lube as an important part of the rollout of their exciting new services intended to assist consumers in their preparation for the holiday driving season and beyond. We consider the installation, support, and training for 100 instruments in 100 different locations, in such a short time frame, to be a major milestone for GTI. These first 100 units, and the learning process during the deployment, will enable us to install and support future markets more efficiently. Additionally, in those markets where the MotorCheck(TM) analysis is not yet available at Jiffy Lube locations, a mail order program will soon be available on the Jiffy Lube website. We are hopeful that once the US consumer begins to understand the importance of the MotorCheck(TM) analysis as a preventative maintenance and valuable decision making tool, the usage of the OSA units will increase to levels necessary to meet or exceed our business development plans."
Mr. Willis further stated, "We continue to work closely with the senior management of Jiffy Lube to explore and develop innovative programs and strategic partnerships to maximize consumer exposure to these exciting new services that are only offered at key Jiffy Lube locations."
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.
Jiffy Lube, located on more than 2,100 of the busiest street corners in America, is synonymous with convenient car care. The company pioneered the fast oil change industry in 1979 and today serves in excess of 29 million customers each year. Jiffy Lube International is a wholly owned subsidiary of Pennzoil-Quaker State Company , a leading worldwide automotive consumer products company, marketing more than 1,300 products with 20 leading brands in more than 90 countries. The top-ranked company in the Automotive Category in Entrepreneur Magazine's Franchise 500 for the last four years, Jiffy Lube was ranked fourth in the magazine's Top 10 franchises for this year. The company recently earned the American Marketing Association's Crystal Award for its vehicle safety awareness program.
Forward-Looking Statements
The implications from the matters discussed in this press release relating to GTI's expectations about the placement of an additional 50 OSA units by December 31, 2001; that consumers will begin to understand the value of the OSA as a preventative maintenance tool; the usage of the OSA units will increase to levels necessary to meet or exceed the Company's business development plans; and the Company will be working closely with Jiffy Lube management to develop programs and strategic partnerships, 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) receipt of significant additional purchase orders for OSA units from Jiffy Lube to be installed during calendar 2002; (3) the extent and effectiveness of the Jiffy Lube marketing campaign relating to the OSA; (4) the ultimate success of the OSA units and the level of its acceptance by Jiffy Lube customers; (5) the ability of the Company to raise capital in the short term to cover its material ongoing operating losses; and (6) the continuation of OSA equipment funding from the financial institution that has extended funding for the first 154 Jiffy Lube OSA units. The Company does not intend to update any forward-looking statements. Investors should also consider the factors contained in the Company's filings with the Securities and Exchange Commission.