Onkyo America Files for Bankruptcy

PALM BEACH GARDENS, Fla.--Dec. 20, 2001--Global Technovations, Inc. (AMEX:GTN - news) or (``GTI'', or the ``Company'') announced today that its wholly-owned subsidiary, Onkyo America, Inc. (``OAI''), operating in Columbus, Indiana and Troy, Michigan filed a liquidating Chapter 11, providing for the liquidation of all assets in the United States Bankruptcy Court Eastern District Michigan (Southern Division).

The proposed debtor-in-possession (``DIP'') financing provided by GMAC Business Credit LLP (``GMAC'') will fund the liquidation process. OAI has stopped production for all customers and has laid off the majority of employees.

Robert Hertzberg, Esq., from the law offices of Hertz, Schram & Saretsky, P.C. of Bloomfield Hills, Michigan is counsel for Onkyo America, Inc. The firm's telephone number is (248) 335-5000.