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To those interested - letter from CEO just released. (I have been holding for a while).

Dear Stockholders,

What a great start in 2004 for Nova Communications, merger

candidate PowerSki International, and all Nova shareholders, partners

and employees. We again want to thank all of you for your ongoing

commitment, support, and interest in Nova Communications.

As I outlined in my last letter, our team has done a terrific job

of restoring value with great growth potential as we work through

finishing up our accomplishments throughout this phenomenal year. A

review of a few topics I would like to cover today include:

PowerSki International Merger

We just recently announced the execution of a further Memorandum

of Understanding to close the merger with PowerSki International, the

designer and manufacturer of the patented PowerSki Jetboard, the

World's most innovative watercraft.

Per the terms of the Memorandum of Understanding, 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. Upon completion of the merger, Nova will change

its name to PowerSki International Corporation. Prior to execution of

the merger, Nova shall complete the remainder of a $2,000,000

financing for PowerSki, for which Nova is presently securing the

funding vehicle (see "financing" below).

PowerSki itself has had a terrific year so far, with many great

things to come. Late last quarter the Company signed a mass

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. With full operations expected to begin in

the first quarter of 2004, the contract is valued at approximately $44


With so many exciting things happening, I must also mention that

PowerSki recently won Best of Show, Waterfront, at the Miami

International Boat Show; and that the Company signed a $1,500,000 deal

with its exclusive Africa distributor. So congratulations to the

PowerSki team!

Nova Financing

On February 4th, we announced the execution of a financing

agreement with Dutchess Private Equities Fund, L.P., based in Boston,

MA. This was a very important development for Nova, in that it not

only provides growth capital needed, but also in the fact that it will

speed the closing of the PowerSki merger along.

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. If you're

interested in learning more details about the financing, visit the

website of the Securities and Exchange Commission at

0001200952-04-000074-index.htm. (Due to the length of this URL, it may

be necessary to copy and paste this hyperlink into your Internet

browser's URL address field.)

Media Outlets

Over the last several months, Nova has been covered in several

outlets including The Seven Investment Group ( and Wall

Street Corner (www.****************.com). With all of the exciting

events going on at Nova Communications, everyone seems to want a piece

of the action.

We were also able to secure PowerSki a 30-second advertising spot

on the Limelight Network in 81 movie theaters. The ads featuring the

PowerSki Jetboard in full motion will run in 30-second spots starting

in 81 theaters and expanding into several hundred movie theater

lobbies and other venues as they come on board under the Limelight

Media Group Network throughout 2004.


As always, I want to thank you for your interest in Nova

Communications and PowerSki International. We have had many exciting

events so far this year, and with our management team's commitment,

rest assured that there are many more exciting actions to come. Please

remember to visit where you can sign up for the

free company newsletter that will provide updates on news and Company



/s/ Ken Owen /s/

Chief Executive Officer

Nova Communications Ltd.

Posts: 109 | From: oak ridge, nj USA | Registered: Oct 2003  |  IP: Logged | Report this post to a Moderator

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