Global Technovations to Acquire Boston Advanced Technologies, Inc.

30 October 2000

Global Technovations to Acquire Boston Advanced Technologies, Inc.

    PALM BEACH GARDENS, Fla.--Oct. 30, 2000--Global Technovations, Inc. ("GTI" or the "Company") (AMEX:GTN) today announced that it has signed a letter of intent to purchase substantially all of the assets of Boston Advanced Technologies, Inc. ("BAT"), a privately-held company located in Marlborough, Mass. The transaction is expected to close by Dec. 31, 2000. BAT recorded approximately $1,500,000 in revenues for the twelve months ended Aug. 31, 2000.
    BAT, under an exclusive agreement with a multi-billion dollar chemical company, develops and manufactures a family of portable, spectroscopic instruments marketed under the name of SpecTrace(TM) liquid petroleum marker systems. The automatic SpecTrace(TM) instruments, utilize sophisticated chemometric analysis to make accurate, in-the-field measurement of marker concentration in many forms of refined petroleum products. The marker systems are currently used by a number of governments for fuel excise tax enforcement and by gasoline and oil marketers for brand integrity and quality control.
    In addition to its work with the major chemical company, BAT also manufactures the PetroAnalytics(TM) line of diesel fuel and gasoline properties analyzers for the automotive, truck and heavy-duty equipment service markets. The diesel fuel analyzer, which was developed in collaboration with a major international oil company, provides instant, on-site measurement of cetane number and five other important fuel parameters including the cetane improver additive.
    This instrument employs mid-infrared spectroscopic analysis and chemometrics to automatically measure fuel properties that previously were available only from testing laboratories at a cost of several hundred dollars per sample. Similarly, BAT's gasoline analyzer measures octane, composition and volatility parameters that are important to the performance of automobile engines.
    Dr. John Coates, Director of Technologies for GTI, stated: "I am very excited about the future for GTI with the ability to gain access to both the technology and the talent pool provided by BAT. It will provide us the ability to expand our product offering, and the ability to address other important areas of application outside of our current OSA-II markets."
    Dr. Coates further stated: "BAT not only offers products that are complementary to GTI's products in the automotive and transportation markets, but its technology is also complementary. Future incorporation of BAT's technology into GTI's OSA-II products will provide enhancements in terms of performance, reliability and cost-effectiveness. BAT's important technology platform has the potential to service applications in manufacturing and process control, consumer products, food products and even pharmaceutical and health care markets. BAT also has a group of highly skilled and talented engineers that will be an excellent addition to GTI's current technology group."
    Will Willis, President and CEO of GTI, stated: "This synergistic acquisition provides us with additional products and technology that complement our OSA-II offering. It also gives us access to a broader customer base and enhances our R&D and technical support capabilities."
    "GTI was a logical candidate to acquire BAT and to help us fully realize the excellent potential of our technology," said John Denney, President of Boston Advanced Technologies. "Their growing marketing and sales force is well-positioned to effectively exploit BAT's technologies."