NVCM - Nova Communications, Ltd. (fka NCVM)

[PappaJohn]

Nova Names Milestone Management to Fill $2 Million Private Placement
Thursday September 4, 5:00 am ET

TORRANCE, Calif.--(BUSINESS WIRE)--Sept. 4, 2003--Nova Communications Ltd. (OTCBB:NCVM - News) announced today that it has named Milestone Management as the investment banker to fill the remainder of its $2,000,000 private placement. The private placement was opened to fund the proposed merger with PowerSki International, the designer and manufacturer of the patented PowerSki Jetboard.

Milestone Management and its partners have obtained millions of dollars in growth financing for numerous enterprises over the last 10 years, having helped its clients achieve their goals and fulfill their business plans.

Sean Dills, CEO of Milestone Management stated, "Nova's proposed merger is the most exciting opportunity we have come across, and in it we see more growth potential than any other client we have represented. The PowerSki Jetboard is the most innovative product we have ever worked with, and we are glad to be representing the business deal."

After arranging a preliminary round of bridge financing for PowerSki to begin the manufacturing process, Nova has received its first allotment of financing towards the $2,000,000 private placement. The proceeds of the private placement are designed to fund the completion of the proposed merger and propel PowerSki into high-volume manufacturing. Once this phase is complete, the goal is to raise an additional $10,000,000 to further facilitate mass production and strengthen the Company's position in the marketplace.

Nova Communications recently announced that it has entered into a Letter of Intent to merge 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 Provisions of the Private Securities Litigation Reform Act 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.
Contact:

Company Reporter, Inc.
Mike Long, 281-870-0225
[e-mail]


Source: Nova Communications Ltd.


http://biz.yahoo.com/bw/030904/45114_2.html