Holley Performance Products Inc. Announces $15,000,000 Capital Investment

BOWLING GREEN, Ky., Sept. 11, 2002 -- Holley Performance Products Inc. announced today that an affiliate of an investment fund managed by Kohlberg & Co., L.L.C., the indirect parent of the company, has committed to make up to an additional $15,000,000 of capital available to the company. The additional capital will be used to fund the current interest payment on the company's outstanding 12-1/4% Senior Notes due 2007 as well as the company's working capital needs. The investment is conditioned upon modifications being made to the Indenture dated as of September 20, 1999, governing the Senior Notes and to the Loan and Security Agreement dated as of July 30, 2002, with Foothill Capital Corporation. The company is already in discussions with Foothill for the required amendments to the Loan and Security Agreement, although no assurances can be made that these amendments will be approved. The company intends to solicit consent from the holders of the outstanding Senior Notes to amend the Indenture to permit the company to incur additional indebtedness under the Loan and Security Agreement in accordance with its terms. The company has engaged Jefferies & Company, Inc. to act as the exclusive information agent in connection with the consent solicitation.

Holders of Senior Notes are urged to read the consent solicitation statement and other materials relating to the amendment to the Indenture described above, when they become available, because they will contain important information. When they are available, these materials will be mailed to all holders of the Senior Notes as of the record date. The documents may also be obtained by contacting Jefferies & Company, Inc., 520 Madison, New York, NY 10022, Attn: Zul Jamal, telephone: 212-284-2054.