Announcement from NOVA in Oct. 26th, 2007

This information is translated from the website of NOVA.
http://www.nova.ne.jp/

October 26th, 2007
To All Persons Concerned:
NOVA
Board member Anders Lundqvist, Hitomi
Yoshizato, and Shoichi Watanabe

Announcement of corporate reorganization proceedings

We are glad to hear that things are going well for you.

We are afraid we filed corporate reorganization proceedings with Osaka District Court today.

We are sorry that these proceedings make you anxious and troubled.

Our company has run English language schools and other businesses with your help since the company started in 1981. Our sales steadily rose and we went on the JASDAQ market in November 1996.

However, it took a dive in profitability by rapid business expansion. Moreover, Ministry of Economy, Trade and Industry ordered us to suspend business for six months and gave us a revocation of the certification of education and training project, with which we could get a financial compensation of the project from the government. That is why our business performance declined rapidly.

To avoid you and ourselves from too much trouble and to rebuild our business radically, we decided to dismiss President Noboru Sahashi from his position and to file corporate reorganization proceedings.

After our filing, Osaka District Court appointed preservation administrators, attorney Toshiaki Touhata (pronunciation of his name is unsure) and attorney Noriaki Takahashi. All rights in managing, administrating, and disposal of our business are transferred to the preservation administrators.

As for our business from now on, we temporarily stopped running all our language classes to avoid confusion, to protect our assets, and to investigate for possible corporate reorganization proceedings.

We apologize for your inconvenience and appreciate your understanding and cooperation.

Sincerely,

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