McLaren Board of Directors Announces Management Reorganization

LIVONIA, Mich., Jan. 16, 2003; On December 11, 2002 at a Board McLaren's meeting, a new management structure was announced.

To fill the vacancies created by the departure of Steven Rossi, the company's past President, CEO and a Director who resigned to pursue other interests, a new management team of Wiley McCoy as CEO and Geoff Owen as President and COO was approved. Chris Panzl, the company's CFO, remains in that position.

It was also announced that Stephen Davis was joining the board as a Director and Advisor to the Management Team. Mr. Davis will advise the company's management in its goal to focus on the core competencies of the business, management of costs and a sustainable level of profitability. Mr. Davis also assumed the role of Vice Chairman with Hayden Harris remaining as Chairman.

The previously announced offer to acquire Comptech, a California company, has been withdrawn as the economics of the offer were no longer viable in light of the current soft economy. This further strengthens McLaren's ability to focus on the current core capabilities and capacities.

Mr. McCoy, a 26-year veteran of McLaren, and a Director will continue to focus on the business' technology matters and interfacing with customers.

Mr. Owen, previously the Vice President and General Manager of McLaren Performance Products, will concentrate on the efficiency of operations and leading the management team in its effort to achieve consistent positive cash flow and profitability. Mr. Owen was previously Vice President and General Manager for eight years of Dart Machine, the company McLaren Performance Technologies acquired which became McLaren Performance Products. Dart was a manufacturer of high performance after-market engine blocks and cylinder heads.

Mr. Davis joins McLaren after a career as an operating manager of heavy truck and automotive component manufacturers. Most recently Mr. Davis was President of Penske Transportation Components. He has also served separately and concurrently as CEO of DAVCO Technologies, LLC and Truck-Lite Company, Inc., both of which are majority owned by Penske Transportation Components.

McLaren Performance Technologies provides full service design, development, fabrication, manufacturing, testing, validation and certification of automotive and racing powertrains, and related components. The company was originally established in 1969 as the engine development company for Bruce McLaren Motor Racing.