Global Technovations Signs $18,000,000 Contract.Business Editors PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Aug. 9, 2001 Global Technovations, Inc. (AMEX AMEX See: American Stock Exchange :GTN GTN gestational trophoblastic neoplasia. ) or ("GTI GTI Gas Technology Institute GTI Global Taxonomy Initiative GTI Good Time Interval GTI Guelph Turfgrass Institute GTI Green Theme International GTI Gordon Training International GTI Georgia Transportation Institute GTI Group Travel Insurance ", or the "Company") announced today that its Onkyo America, Inc. ("Onkyo") subsidiary has entered into an agreement with a major Tier One automotive OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and supplier to provide 15 component speakers ("Speakers") to be included as part of their satisfying of a major OEM automotive contract. Onkyo expects to receive $18 million in revenue from supplying Speakers for four vehicle models over the first two years of production. Will Willis, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Global Technovations, stated, "We have been working on this contract for almost a year and it is truly gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to finally get it executed. We are currently in production and this contract will have an immediate positive impact on our financial performance at Onkyo." Mr. Willis continued to say, "We regret that we are unable to disclose the name of our customer or the specific vehicle models covered in this contract. The automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. is very sensitive about maintaining the confidentiality of suppliers and customers." In summary, Mr. Willis commented, "During the last nine months, the automotive industry has experienced a very difficult time. This has negatively impacted our Onkyo OEM automotive revenues, which are almost directly proportional (Math.) proportional in the order of the terms; increasing or decreasing together, and with a constant ratio; - opposed to See also: Directly to OEM new vehicle build schedules. We have been working diligently to close new contracts, reduce costs and to seek non-automotive OEM business to help offset the impact of the automotive industry wide recession. We have been making good progress and we are confident that we are well positioned to take advantage of the anticipated industry recovery." Onkyo is a leading domestic manufacturer of high quality automotive Speakers, primarily for four OEMs in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. -- General Motors, Toyota, Nissan, and Daimler-Chrysler. Onkyo manufactures and sells paper and plastic coned automotive Speakers to OEMs and OEM distributors. These Speakers are installed in a full range of vehicles including sports utility vehicles, trucks, passenger sedans and coupes, and sport cars. Onkyo manufactures Speakers, and produces over 150 models of various automotive and consumer related Speakers. Onkyo is also engaged in the development and manufacture of audio Speakers for the consumer electronics industry, which includes computers, televisions, telephones, and the automotive and home aftermarkets. 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 spec·tro·scope n. An instrument for producing and observing spectra. spec  tro·scop 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 www.Globaltechnovations.com.
Forward-Looking Statements The matters discussed in this press release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc (1) Onkyo receiving an $18,000,000 contract, (2) this contract having an immediate positive impact on Onkyo's financial performance, and (3) Onkyo being positioned to take advantage of the anticipated automobile industry recovery, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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) lack of public acceptance of the OEM's new models, (2) delays by the OEM in its production schedules, (3) the loss by Onkyo of the Tier One supplier's business, (4) unanticipated increases in Onkyo's manufacturing costs, and (5) the failure of Onkyo's principal lender to waive any future loan covenant defaults. 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. |
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