Elan, Haas announce distribution agreement

ELAN, HAAS ANNOUNCE DISTRIBUTION AGREEMENT

BRASELTON, Ga. (January 20, 2010) - Elan Motorsports Technologies (EMT) and Carl Haas Automobile Imports, Inc., announced today an agreement that will see the Haas group assume distribution responsibilities for products manufactured by Elan. The offerings -- constructed by the Braselton, Ga.-based arm of Panoz Motor Sports Group -- include a full line of race cars, parts, update kits and other components for motorsports teams across multiple competition platforms and sanctioning bodies.

Elan will continue to exclusively build and manufacturer a wide range of world-class race cars and accessories for competition in the American Le Mans Series, IMSA, Superleague Formula, F2000 and SCCA, among others. Carl Haas Automobile Imports will handle inventory, trackside service and distribute EMT's world-class racing products worldwide.

"This is a very significant and positive development for Elan Motorsports Technologies," said Scott Atherton, President and CEO of Panoz Motor Sports Group. "Combining the design and manufacturing expertise of Elan with the resources of Haas -- the benchmark for race car parts distribution, service and support certainly in North America and among the best in the world -- is a combining of the best of both worlds. Collectively we have opportunities like never before to expand the scope and reach of all the assets and resources within EMT nationally and globally. This truly is a win-win situation for both EMT and Haas -- and especially for our many current and future customers."

Elan Motorsports Technologies is a multi-faceted race car and engine building entity comprised of Elan Composites, Elan Power Products, Elan Precision Engineering and Van Diemen. Its wares have claimed winners' trophies at the most prestigious races in the world including the Indianapolis 500, 24 Hours of Le Mans, 12 Hours of Sebring and Petit Le Mans.

Most recently, the Van Diemen arm of Elan was named the primary constructor for the Cooper Tires presents the USF2000 National Championship powered by Mazda. It will be the sole constructor in the top-level Championship class with Van Diemen models from 2001 to the 2010-spec DP08 able to compete. Van Diemen cars also are eligible for the National class, which is open to cars that conform to the current SCCA Formula Continental regulations.

Elan also helped its customers add to their trophy cases with not one but two victories at the recent SCCA National Runoffs at Road America. Elan-constructed entries won in both C Sports Racer (Elan's DP02 prototype) and Formula Continental, where Van Diemen race cars dominated with a podium sweep, the top-five fastest qualifiers and five fastest trap speeds in the race.

"For more than a decade, Elan has dedicated itself to producing world-class race cars and components for a wide-reaching national and international customer base," Atherton added. "We are supremely confident that our partnership with Haas will result in benchmark quality service, an expansion of our global clientele and increase in business for both organizations."

Carl Haas Automobile Imports, Inc., (CHA) is a long-standing force in motorsports inventory and distribution services. Upon its founding in 1960, CHA introduced a revolutionary program called the Haas FAS-PAC service which guaranteed delivery of parts in less than 24 hours anywhere in the United States at a time when today's overnight delivery service did not exist. Since that time, CHA has partnered with racing's most respected names including Hewland Transmissions, Dynamic Suspensions and -- most notably -- Lola Cars, Ltd.

Haas raced the products he distributed with Lola cars winning races and titles in Formula 5000, Can-Am, CART and Champ Car.

"We are very excited to be joining forces with Elan Motorsport Technologies," said Carl Haas, President of Carl Haas Automobile Imports, Inc. "Don Panoz has assembled an excellent organization with a highly skilled group of people dedicated to building winning race cars. Carl Haas Auto is thrilled to be associated with Elan as we enter our 50th anniversary season in the race car and parts business. With the Elan and Haas organizations' combined expertise, I truly believe the best is still to come!"

About Van Diemen

Founded in 1973, Van Diemen has a long and successful tradition as one of the world's largest volume manufacturer of racing cars. Based in facilities close to the famous Snetterton race track in the English county of Norfolk, Van Diemen professionally services its clients throughout the world. Part of Elan Motorsports Technologies since 2002, Van Diemen prides itself on production and engineering strength that allows for the design, construction and delivery of race cars at unmatched levels.

About Carl Haas Automobile Imports, Inc.

Carl Haas formed Carl Haas Automobile Imports, Inc., in 1960 to fill a need for quality race cars and parts in the rapidly growing professional and amateur racing industry. Celebrating its 50th anniversary in 2010, the organization is the global leader in race car parts and component distribution for professional and amateur competitors and teams across open-wheel and sports car platforms. CHA is based in Chicago. For more information, visit www.haasauto.com.

-source: haas/elan