Nova Communications Ltd. (OTCBB: NCVM), Torrance, Calif., says it recently entered into a Letter of Intent with PowerSki International, San Clemente, Calif., the developer of the patented PowerSki Jetboard.
Ken Owen, Nova Communications CEO, says Nova has already raised capital to begin the manufacturing process. Further funds, he says, will be sought to move into high-volume manufacturing through Pacific Composites, Newport Coast, Calif. PowerSki International recently entered into a mass production manufacturing agreement with Pacific Composites for approximately 120-150 hulls per month destined to be used on PowerSki’s Igniter 2000 line of Jetboard.
“The capital that Nova has arranged and will continue to arrange for PowerSki serves as a gateway to help begin the manufacturing process of the PowerSki Jetboard,” Owen said. “This financing serves as a bridge to the completion of the proposed Nova/PowerSki merger.”
On July 16, Nova announced that it reached a verbal agreement to sell its Kadfield, Inc. d/b/a BuyMicro subsidiary for $2 million to Trimfast Group, Inc., Deerfield Beach, Fla. That transaction, Owen said, “helped facilitate the consummation of Nova’s merger with PowerSki International.”
The PowerSki Jetboard and its patented SuperTorqueXT engine were featured in the HP suite at SIGGRAPH 2003, a trade fair involving computer graphics and interactive techniques, held in San Diego, July 27-31. With explanations provided by PowerSki inventor and CEO Bob Montgomery, the Jetboard was shown alongside product from Harley-Davidson.
For more information on PowerSki International, visit www.powerski.com.
EXPANDED MANATEE ZONES
The U.S. Fish and Wildlife Service recently established three new manatee protection zones in five Florida counties where watercraft will be required to operate at no wake speeds.
The Federal refuges are the Caloosahatchee River-San Carlos Bay Manatee Refuge, which includes parts of Caloosahatchee River and San Carlos Bay in Lee County; the Halifax and Tomoka Rivers Manatee Refuge, which includes parts of the Halifax River and associated water bodies in Volusia County; and the Lower St. Johns River Manatee Refuge, encompassing portions of the St. Johns River and adjacent waters in Duval, Clay, and St. Johns Counties.
Detailed maps of both new and existing zones can be found at northflorida.fws.gov.
IJSBA TO HOLD ENDURANCE COMP
The IJSBA recently has announced the dates for the 4th Annual IJSBA Endurance National Championships. The event will be held on Texas’ Lake Bolton the weekend of September 13-14, and produced by long-time IJSBA promoter TeamSport Racing.
No qualifiers are necessary to be eligible for the event. Interested racers can contact TeamSport Racing at 713/284-4079, www.teamsportracing.com.
Copyright 2003 Powersports Business