AGREEMENT REACHED TO SELL U.S. F2000

FOR IMMEDIATE RELEASE

AGREEMENT REACHED TO SELL U.S. F2000

FAIRFIELD, N.J. (June 8, 2001)—Formula Motorsports, Inc. and Primus Racing,
Ltd. announced today that an agreement has been reached for Primus Racing to
acquire Formula Motorsports and its U.S. F2000 National Championship.

Founded by Mike Foschi and Dan Andersen in 1991, Formula Motorsports created
the U.S. F2000 National Championship and has operated it for the past 10
years, establishing the series as the preeminent first tier on the
open-wheel professional motorsports ladder.

Primus Racing is owned and operated by Tampa Bay businessman, Jon Baytos.
Mr. Baytos involvement in Formula 2000 racing has been extensive. Since
1990, Mr. Baytos has been the official Van Diemen distributor for the U.S.A.
During the 10 years of the U.S. F2000 National Championship, Primus racing
contested a team for nine years, winning the Championship twice, in 1998 and
1999. In addition, Mr. Baytos was involved in the Hooters Cup F2000 series,
which operated from 1994-1995.

"I am proud with how our series has grown over the past 10 years," said Dan
Andersen. "My belief is that Jon [Baytos] can instill some new energy into
the series and continue its development as the premier open-wheel training
series in North America."

"Creating and developing the series has been great," said Mike Foschi.
"Jon's [Baytos] involvement in the series over the ten years, combined with
the resources he has, will allow the series to continue to grow and maintain
its position as the best open-wheel development series in North America."

"I'm excited about this opportunity," said Jon Baytos. "Having been involved
in the series since the beginning I have seen how Dan [Andersen] and Mike
[Foschi] have made the series the success it is today. With the
relationships I have, my goal is to continue to train the future stars of
motorsports and enhance the U.S. F2000 National Championship as we move into
its second decade."

The 2001 U.S. F2000 National Championship runs Rounds Seven and Eight this
weekend at
Mid-Ohio Sports Car Course on the 2.258-mile road course.

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Allan Craighead
Director of Public Relations
U.S. F2000 National Championship
P.O Box 11024
87 Fairfield Rd.
Fairfield, NJ  07004
(973) 575-2626
(303) 883-8521 Cell
www.usf2000.com