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NOVA COMMUNICATIONS, POWERSKI TO MERGE

TORRANCE - Nova Communications Ltd. has executed a further Memorandum of Understanding (MOU) to merge with PowerSki International Corporation, the designer and manufacturer of the patented PowerSki Jetboard, within one month following completion of Nova's financing.

Per the terms of the MOU, within one month following completion of Nova's financing, but not later than September 2, 2004, Nova and PowerSki intend to enter into a definitive agreement wherein PowerSki will be merged into Nova, with Nova being the surviving corporation.

As recently announced by PowerSki and Nova, PowerSki has executed a three- year manufacturing agreement, worth approximately $44 million, with the PATx Division of The Hines Group.

The contract provides fully outsourced manufacturing of 20,000 PowerSki Jetboards, plus an additional 4,000 SuperTorqueXT engines. With Jetboard inventory manufactured via this contract, PowerSki plans to fill its order backlog and aggressively pursue its projected sales goals for 2004.

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 in the US.

MACSTEEL TO ACQUIRE HOKIN-KATZ METALS SERVICE

NEWPORT BEACH - Macsteel Service Centers USA Inc. has completed the acquisition of the business and assets of Hokin- Katz, a privately owned metals service center located in Los Angeles.

Terms of the purchase were not disclosed.

Hokin-Katz will operate under its existing name as a Macsteel Service Centers USA facility.  Their management will continue with the Company in their present roles.  The current flat rolled business of Macsteel Service Centers USA, Western Division will be relocated to the Hokin-Katz operations.

Hokin-Katz specializes in close tolerance slitting and precision blanking of high-quality products including thin gauges and surface critical coated and non-coated steel products, supplying high-end-focused niche markets. In addition, they distribute the broadest variety of products to be found on the West Coast.

The acquisition of Hokin-Katz follows on the heels of Macsteel Service Centers USA's recent purchases of Baldwin Steel in 2002 and structural steel specialist, Regal Steel, in 2003. In June, 2003, Macsteel expanded its presence in Mexico with the establishment of a Greenfield site, Macsteel Service Centers de Mexico.

Macsteel Service Centers USA is one of the leading companies in the North American metals service center industry.  The company has a network of 29 locations, which includes the former Edgcomb Metals, Regal Steel, Baldwin Steel and Ferro Union sites, all of which now operate under one name, Macsteel Service Centers USA. 

The company processes and distributes carbon, stainless, aluminum and specialty metals to customers throughout North America and Puerto Rico. 

Products include a full range of flat rolled, plate, tubing, pipe, bar and structurals.  The company also supplies a full range of steel building products, coated and pre-painted metals.

Macsteel Service Centers USA is wholly owned by the global steel company, Macsteel Holdings.

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