Global Technovations, Inc. announced today that it has executed a definitive agreement to purchase the automotive technology-based manufacturing and distribution company previously described in its April 10, 2000 press release. In calendar 1999, the target acquisition company recorded pro forma revenues of approximately $84 million and had pro forma earnings before interest, taxes, depreciation and amortization of approximately $7.3 million ("EBITDA"). Consummation of the acquisition is contingent upon the Company obtaining acceptable financing terms. Specific terms of the acquisition, including the identity of the target, will not be disclosed until the closing, which is now expected to occur on or before July 31, 2000.