$NOHO NEWS - Balance sheet green
Jul 16, 2013 (ACCESSWIRE via COMTEX) -- BOCA RATON, FL, July 16, 2013 - (eTeligis via ACCESSWIRE) - Novation Holdings (OTCQB: NOHO) today announced that it has determined that it is no longer a development stage company and that it will now file its periodic SEC reports as a regular, full reporting public company. According to Michael Gelmon, Chairman and CEO of NOHO: "As a result of our acquisitions of several operating subsidiaries at the beginning of this calendar year, and the integration of their operations, we expect to report a slight net profit for the quarter ended May 31, 2013 and hope to also reflect a net profit for the full year ending August 31, 2013. That, coupled with our more recent acquisitions of controlling interests in two other public companies, puts us on track for the next fiscal year, and a positive return for our shareholders."
NOHO is an operating holding company with subsidiaries in the ISP business (Burgoyne Internet Services, Inc.), in language immersion for children (Casita de los Ninos, LLC, a California limited liability company doing business as Immersion House (www.immersionhouse.com)) and in administrative and financial management (Novation Consulting Services, Inc.). In addition, NOHO holds a controlling interest in Crown City Pictures, Inc. which is the parent company of StarPoint USA, Inc. and in Solar Energy Initiatives, Inc., which operates in the solar energy space and has a wholly-owned restaurant operating subsidiary.
StarPoint USA, Inc. is a U.S. based vehicle distribution company that has a proven track record that is not exclusive to any specific vehicle brand, which allows it to distribute a number of different brands and models in the U.S. market. As part of its ongoing business, StarPoint has been the exclusive distributor of Daewoo vehicles and Genuine Daewoo Parts to the U.S. market since 1998. A total of 188,000 Daewoo brand vehicles (Leganza, Nubira and Lanos models) were distributed from 1998 through 2002. Today, StarPoint continues to provide both Warranty Administration and Genuine Daewoo Parts to approximately 80,000 remaining Daewoo owners in the US. StarPoint is currently negotiating US distribution rights to electric transit buses and LNG powered vehicles.
Novation Consulting Services, Inc., the administrative subsidiary of NOHO, also provides in-house financial services, including accounting, bookkeeping, budget, financial statement preparation, preparation of SEC periodic filings, EDGAR filing conversion, XBLR filings, banking support and similar services, as well as "in-house" corporate counsel services, compensation management support, HR, IT support and other such services to NOHO as well as to its controlled public affiliates and to other unrelated public companies.
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