Callaway on Track for Record Year, Powers Up Advanced Technology Team with Addition of Master Engine Builder Jim Jones

     Jones Brings Decades of Racing Expertise to Company's Fast-Growing,
             High-Performance Engine and Car Development Programs

    OLD LYME, Conn., Aug. 30 Jim Jones wanted to be a baseball
player, but fortunately for racers like Kyle Petty and Freddie Spencer, he
chose to build winning high-performance engines instead.  Today, after nearly
a quarter century of crafting potent motorcycle, powerboat, production and
race car powerplants, Jones is set to continue his string of two- and
four-valve home runs at Callaway Advanced Technology, the engineering services
unit of Callaway Cars.  As the new manager of engine development, Jones, along
with his team of Callaway engineering experts, is poised to build on
Callaway's high-performance legacy as the company experiences unprecedented
growth.
    Jones, who built up and later sold a highly respected engineering firm,
most recently was associated with A.J. Foyt Racing.  Prior to that, he spent
over two decades building high-performance competition engines for racing's
most competitive series, including Busch Grand National, Winston Cup, NASCAR,
SCCA Showroom Stock and IROC and Sprint Cars.  In addition, Jones brings a
passion for vintage powerplants to Callaway, including restoration of
legendary CanAm and TransAm engines.
    "At Callaway, building high performance engines has always been a balance
of art and science," said Mike Zoner, managing director of operations at
Callaway's headquarters in Old Lyme, CT.  "Jim complements our team perfectly,
because he shares our philosophy that engines can have the heart of a race car
without sacrificing the soul of a sophisticated street car."  Jones, who says
that nothing inspires him more than the sound of an engine at speed, will lead
all phases of Callaway engine development, including further refinement of the
440 hp Callaway C12R GT car powerplant, which propelled Callaway's 2001
24 Hours of Le Mans entry to the qualifier pole.

    Callaway bucks industry trend by expanding staff and client list
    With the addition of new talent like Jones, Callaway is well positioned
for its best year ever.  And, new clients like the Holden Special Vehicles
(HSV) division, for whom Callaway is building a potent 405 hp V8 for the
second consecutive year, ongoing growth in services like engine validation
testing, a successful launch of the Callaway C12R GT racer-including winning
the qualifier pole at Le Mans-and upcoming new product programs are keeping
Callaway on track for continued strong growth.
    "We're certainly firing on all cylinders," says Reeves Callaway, president
and founder of Callaway Companies, "and we're positioned very well for what
should prove to be the best year in our 25-year history."  Callaway believes
that increased OEM focus on personalization and customization will only
benefit high performance boutiques like Callaway Cars.  "Building products for
narrowly targeted customer segments is a trend that OEMs are very much tuned
into," he affirms.  "And, when that demographic is high-performance
enthusiasts who also demand reliability and driveability, Callaway is really
the partner of choice."

    About Callaway Companies
    Reeves Callaway founded Callaway Cars ( http://www.callawaycars.com ) in 1976,
after concluding a successful sports car racing career.  He quickly channeled
his passion for speed and vehicle dynamics into building a business that would
allow him to create dramatic new levels of performance for some of the world's
best-known brands, including VW, BMW, Aston Martin, Alfa Romeo, General
Motors, Land Rover, Holden, BMW Motorcycles and Malibu Boats, as well as
develop his own brand of vehicles.  Callaway cars have successfully competed
in some of the world's most prestigious and grueling races, including the
24 Hours of Le Mans.
    Today, Callaway Companies includes Old Lyme, CT-based Callaway Cars, which
helps manufacturers capture the exclusive high performance enthusiast market
through team-based development of limited edition, high-performance
automotive, motorcycle and marine products; Callaway Advanced Technology,
which supports OEM engineering needs by delivering a full range of responsive
and efficient contract engineering services, with special focus on
high-performance parts and systems; and Leingarten, Germany-based Callaway
Competition GmbH, the company's competition affiliate.

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