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Pan American Motorsports, Inc. Acquires the American IndyCar Series

28 May 1998

Pan American Motorsports, Inc. Acquires the American IndyCar Series
    SALT LAKE CITY, May 28 -- Pan American Motorsports, Inc.
(OTC Bulletin Board: PONY) acquired 100% of the American IndyCar Series (AIS)
from Mr. William Tempero of Fort Collins, CO on May 26, 1998.  The objective
of Pan American Motorsports, Inc. is to enlarge the present operation of AIS
and to expand into the South American market.
    Mr. Bret Decker, president of Pan American Motorsports, Inc., and the Pan
American Motorsports, Inc. management team have extensive business management,
motorsport, racing and marketing backgrounds.  Mr. William Tempero, founder
and President of the AIS Series will continue his efforts as President of the
American IndyCar Series.
    Pan American Motorsports, Inc. will use the American IndyCar Series name
for the open-wheel, Indy Car, auto racing events it sanctions in the United
States, Canada, Mexico and the Caribbean.  In the North American market, the
AIS racing series will continue to hold races in communities where Indy Car
racing events are not normally held.  These include cities such as Calgary,
Canada, San Diego, CA; Hallett, OK: Salt Lake City, UT; and Ensenada, Mexico.
Due to the extreme popularity of open-wheel racing in South America, potential
racing venues in Brazil, Argentina and Chile are currently under evaluation.
    During the 1997 AIS season, thirty-two drivers, representing twenty racing
teams competed in the race events in the United States, Canada and Mexico.
Ken Petrie, Parker, CO was the 1997 AIS series champion.  J. W. Mitchell,
Irvine, CA, was the 1997 AIS Rookie of the Year.  The 1998 AIS season began in
April, with the first event held in Hallett, OK.  Past champions include the
1996 INDY 500 winner, Buddy Lazier, as well as Robby Unser, son of three time
INDY 500 Champion, Bobby Unser.
    The AIS race cars, most of which have raced in the INDY 500 and the CART
Indy Car Series, weigh 1600 pounds.  These cars are powered by American built
V-8 and V-6 engines with displacement as large as 5.9 liters (362 cubic
inches) and producing 700 horse power.  These race cars are capable of speed
well in excess of 225 miles per hour with cornering forces of approximately 4
G's.
    Pan American Motorsports, Inc., ticker symbol "PONY", is quoted on the OTC
Bulletin Board.