Nimbus Group Signs Letter of Intent With Horizons Aviation.

Business Editors

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Aug. 16, 2002

Nimbus Group, Inc. (AMEX:NMC) has signed a letter of intent to acquire Horizons Aviation Inc., a Florida based private corporation offering fractional aircraft ownership, charter services and aircraft maintenance.

The agreement, which is subject to the approval of both companies' boards and shareholders, due diligence and compliance with applicable regulatory requirements, provides for Nimbus Group, Inc. to acquire 100 percent of the stock of Horizons Aviation, Inc., in exchange for unregistered stock of Nimbus Group. If the agreement is approved, the controlling shareholders of Horizons Aviation will own a controlling share of Nimbus Group, resulting in a change of management and a new board of directors.

On July 3, 2002, the Company received notice from Eclipse Aviation Corp. that its agreement to sell 1,000 Eclipse 500 aircraft to Nimbus Group was terminated. Ilia Lekach, Chairman and CEO of Nimbus Group, said, "The unilateral termination by Eclipse Aviation of our aircraft purchase agreement forced Nimbus Group to seek alternatives in pursuit of our objective of providing affordable air taxi services. We have concluded that Horizons Aviation has management with the experience in the general aviation industry that will help the Company reach its objective. Horizon's management shares our vision for the future and this agreement appears to be in the best interest of both companies."

According to Omar Botero, Chairman and CEO of Horizons Aviation, Inc., "We are currently in the process of deploying our vertically integrated business strategy." Horizons owns and controls four subsidiary companies now providing or initiating the provision of products and services to the corporate aviation marketplace focused on four principal business segments of general aviation: (i) Regional Fractional Aircraft Ownership, (ii) Maintenance, Repair & Overhaul Services, (iii) Fixed-Based Operator services and (iv) Aircraft Charter Services. Said Mr. Botero, "The structure was designed to provide the strategic foundation for the successful development of innovative and cost-effective solutions for small to mid-sized corporations and individuals that require regional air transport. We share Nimbus' vision that affordable, on-demand air taxi service represents a future evolution in corporate air travel."

The letter of intent contemplates that Nimbus Group will dispose of its wholly owned subsidiary TakeToAuction.com, Inc. (TTA) to allow the company to completely focus its efforts on the aviation industry.

About Nimbus Group

Nimbus Group's strategic plan is to make personal jet travel broadly affordable throughout the Americas. http://nimbusjets.com Nimbus Group operates two wholly owned subsidiaries, Nimbus Jets, Inc. and TTA. TTA sells merchandise through multiple distribution channels on the Internet. For more information, please contact: info@nimbusjets.com

About Horizons Aviation

Horizons Aviation was established to capitalize on the opportunities presented by the historical and forecasted growth of general aviation as related to fractional aircraft ownership and corporate travel. The strategic acquisitions of Turbine Support International, Inc. and Central Air Charter, Inc., establish the necessary foundation to deploy Affinity Airshares, the Company's regional fractional aircraft ownership program. http://www.horizonsaviation.com

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among other things, statements concerning the Company's outlook for 2002 and beyond, the Company's expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Although we believe that the expectations reflected in forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The forward-looking statements in this press release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For information about risk factors relevant to the Company, please see the Company's filings with the Securities and Exchange Commission. The Company does not intend and disclaims any duty or obligation to update or revise any industry information or forward looking statements set forth in this report, to reflect new information, future events or otherwise.