NVCM - Nova Communications, Ltd. (fka NCVM)

[RevDew1]

John:
You are every where on these boards!
Here is the latest I have on NCVM
Take care!
DD

Nova Executes Financing Agreement With Dutchess Private Equities Fund
via COMTEX

February 4, 2004

TORRANCE, Calif., Feb 4, 2004 (BUSINESS WIRE) --

Nova Communications Ltd. (OTCBB:NCVM) announced that it has executed a financing agreement with Dutchess Private Equities Fund, L.P., based in Boston, MA.

Nova's planned use of proceeds is to fund the remainder of the $2,000,000 financing to consummate a Plan of Merger with PowerSki International, the designer and manufacturer of the World's most innovative watercraft -- the PowerSki Jetboard.

Per the terms of the agreement, Dutchess shall invest up to $20,000,000 in Nova Communications through equity transactions in a private equity line of credit, good for 36 months. More information regarding the execution of the financing agreement can be found on the website of the Securities and Exchange Commission at http://www.sec.gov/Archives/edgar/data/769882/000120095204000074/ 0001200952-04-000074-index.htm.

The Company recently announced PowerSki's execution of a $44 million manufacturing contract with the 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.

PowerSki International is the developer and manufacturer of the patented Powerski Jetboard and patented SupertorqueXT marine engine. Powerski International has distributors in 36 countries around the world and over 35 dealerships set up in the USA.

Investors are encouraged to visit http://www.NCVM.net to sign up for the free company newsletter that will provide updates on news, Company developments, and periodic shareholder updates from Nova CEO Ken Owen.

About Nova Communications

Nova Communications recently announced that it has entered into a Memorandum of Understanding 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 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.

SOURCE: Nova Communications Ltd.

Company Reporter, Inc. Mike Long, 281-565-5983 [e-mail]

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