PowerSki Signs $44 Million Manufacturing Contract to Begin Production Q1 2004.Business EditorsTORRANCE, Calif.--(BUSINESS WIRE)--Dec. 9, 2003 Nova Communications Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NCVM NCVM National Council of Visible Minorities (federal employee volunteer organization; Canada) ) announced today that its proposed merger candidate, PowerSki International, designer and manufacturer of the PowerSki Jetboard, has signed a mass manufacturing contract with he PATx Division of The Hines Group. The contract provides 75-day credit term financing and full outsourced manufacturing for 20,000 PowerSki Jetboards, plus an additional 4,000 SuperTorqueXT(TM) engines. The contract is valued at approximately $44 million. Ken Owen Ken Owen (born April 23, 1970) is a drummer, from Liverpool, England. He is best known as one of the founding members of Carcass, for which he also handles some of the vocals in the beginning. , Nova Communications 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. , commented, "PowerSki has achieved a unique agreement with the PATx group, under which manufacturing financing, logistics, complete production, final assembly, and shipping will be handled to PowerSki's specifications. This is truly a phenomenal day for PowerSki." The contract covers the current patented two-stroke engine, as well as the future planned fuel injected two-stroke and four stroke engines. The products will be assembled at the PATx Maquiladora ma·qui·la·do·ra n. An assembly plant in Mexico, especially one along the border between the United States and Mexico, to which foreign materials and parts are shipped and from which the finished product is returned to the original market. operation in Matamoras, Mexico, with warehousing and shipping in its sister city, Brownsville, Texas. Mr. Jim Abel, President of The Hines Group, stated, "PATx will utilize ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. quality systems and Just In Time manufacturing techniques to deliver the PowerSki Jetboard worldwide. This agreement provides PowerSki value competitive to Asian manufacturing with American components and an American partner." Company representatives from PATx are visiting PowerSki's San Clemente facility this week to study the Jetboard specifications. Full operations are expected to begin in the first quarter of 2004. About Nova Communications Nova Communications recently announced that it has entered into a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to close a merger with PowerSki International, the designer and manufacturer of the patented PowerSki Jetboard, the World's most innovative watercraft. To learn more about the World's most innovative watercraft and to view behind the scenes footage of the Jetboard in action for Fox Sports' 54321 sports program, please visit http://www.ncvm.net or http://www.powerski.com/home.html. Cautionary Statement for the Purpose of the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions 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: Forward-looking statements in this news release are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain important factors could cause results to differ materially from those anticipated by the forward-looking statements, including the impact of changed economic or business conditions, the impact of competition, the success of existing and new product releases, the management of our growth, other risk factors inherent in the telecommunications industry, and other factors discussed from time to time in reports filed by the company with the Securities and Exchange Commission. Nova Communications has and continues to institute changes to its strategies, operations and processes to address these risk factors and to mitigate their impact on Nova Communication's results of operations and financial condition. However, no assurances can be given that Nova Communications will be successful in these efforts. |
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