Pioneer Extends Partnership With Jaguar Racing

DETROIT, Feb. 23, 2004 -- Pioneer is today pleased to announce it is a major partner and sponsor of Jaguar Racing for the 2004 Formula One Season. Pioneer partnered with Jaguar Racing in the 2003 Formula One series and has supported the team with expertise and innovation to compliment the already technically advanced Formula One environment.

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Formula One and Pioneer have many rational and emotional values in common. They stand for internationality, innovative power, expertise and an exacting, almost perfectionist, quality standard. Pioneer's involvement has a dual function that includes extending the awareness for the brand through global image building activities, as well as opening up innovative marketing channels.

"Pioneer is pleased to expand our support of the Jaguar Racing team," said Steven Moerner, president of Pioneer Automotive Technologies, Inc. "As the leading provider of in-car audio and video technology, our motorsports sponsorships expose the Pioneer brand to millions of consumers across the world through television coverage and on-site activities at premier sporting events."

David Pitchforth, Managing Director, Jaguar Racing, said, "We are delighted that Pioneer has extended its relationship with us. We have worked very productively over the last six months and our mutual passion for technological leadership is parallel to Jaguar's goal of challenging for top honours in the long term. Jaguar Racing is aiming to be a world class technology company with the best in class engineering capability and Pioneer's support alongside us will help accelerate this process."

Pioneer Automotive Technologies, Inc. engineers, manufacturers and markets mobile entertainment products directly to automotive manufacturers and tier-one suppliers. Its parent company, Pioneer Corporation, is a leader in optical disc technology and a pre-eminent manufacturer of high-performance audio, video and computer equipment for the home, car and business markets. The company focuses on four core business domains including DVD, display technologies, Digital Network Entertainment(TM) and components. Founded in 1938 in Tokyo, Pioneer Corporation employs more than 35,000 people worldwide. Its shares are traded on the New York Stock Exchange.

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