Picchio Announces Three-Year Program for Daytona Prototypes

ALTON, Va. (August 28, 2002) -- Picchio SpA announced today that in cooperation with importer Momentum Motorcars and distributor/technical consultant G&W Motorsports, a three-year program has been put in place to market and service the Picchio P2 Daytona Prototype.

"The basic program is an all-encompassing project that will include some novel approaches to race car support," explained G&W Managing Director Price Cobb. "Not only will G&W carry the spares needed to support our clients, but we will offer complete engineering oversight and guidance, setup and aerodynamic numbers, not to mention the wealth of knowledge G&W can pass on to new owners and teams."

The three-year program will begin with the Rolex 24 At Daytona in February 2003, where G&W Motorsports is slated to enter with BMW-powered versions of the newly developed Picchio P2 with support from Momentum Motorcars, the largest BMW and Jaguar dealer in the U.S., and USI-Insurance and Financial Services, the sixth largest insurance and financial services provider in America.

"We want to maintain control over the initial testing and debut of the car, so that the first customer cars will be shipped with modifications to any problems that arise. We are taking the long view here," noted G&W owner Cole Scrogham. "The work that we have done on the SRP II car (this season) has all been channeled into development of the Daytona Prototype, there is no other manufacturer that can make that claim. We are uniquely positioned to take advantage of a year's worth of development of many of the new components.

"It is our intention to deliberately move into a manufacturer support position for the teams purchasing Picchio cars instead of campaigning them. We have worked hand-in-hand with the manufacturer to develop cost efficient cars and parts supplies as well as opening lines of communications with Picchio's enormous resources in engineering and design," he added.

Picchio has announced that its first season of involvement in the Daytona Prototype class will be with the goal of winning the first championship and establishing its P2 as the 'car to have' for the future.

At least three engine packages will be available by the first year, including BMW, Maserati and Porsche, with all three continuing to hold the price of a complete, turn-key race car at $375,000.

G&W Motorsports plans to phase out its competition of the Picchio after the first season and redirect its focus to the support, development and testing for the overall program.

"We are the direct connection to the factory; our main interest is to support our clients and their effort in racing. We have a team now, not to compete with our clients, but to develop a better product. Everything we learn will immediately be passed along to our clients. We will also make a parts supply available so that they can always make the race," said Armando Trentini of Momentum Motorcars.

Another unique aspect to the program is the plan that Picchio and the distributor partners will provide a mechanism for customers to develop relationships within the G&W sponsor network.

"Cooperation with sponsors and teams is the cornerstone of racing. Teams that are associated with this program will have unprecedented access to a sponsor mechanism that can provide funding for their program," remarked Gregg Roberts of USI-Insurance and Financial Services. "I don't know of any other manufacturer that even makes an attempt in this area. This is going to be a properly designed and implemented package like none before."

Additional information about the Picchio P2 Daytona Prototype and G&W Motorsports is available by contacting Cole Scrogham at 434-822-8180.

Picchio Three-Year Program Basics

· Develop the Picchio P2 and prove its potential in year one
· Market the Picchio P2 with several engine options, committing to the price of $375,000 for a complete car
· Phase into customer support beginning in year two
· Lend support to new teams that includes testing information and drivers
· Develop a parts and support program that can stand alone by year three
· Develop a sponsor program that can provide funding to Picchio teams