American Racing Capital Issues Update on Current Activities
ZEPHYR COVE, Nev., Feb. 8, 2006 -- American Racing Capital Inc. ("ARC") ("the Company"), , a consulting group dedicated to motorsports sponsorship development and racetrack acquisition and design, issued an update today on its current activities.
The Company's Letter of Intent (LOI) to acquire 100% of Driving Concepts International Inc. (DCI), announced on December 21, 2005, is on track and expected to close in the first quarter. A definitive agreement is close to completion and terms have been agreed to. The acquisition of DCI will further expand the Company's core competencies by adding a high performance driver- training component. High performance driving schools in the USA are multi- million dollar enterprises and offer professional quality grassroots motorsports programs.
The Company's principals are scheduled to spend all next week in Daytona, Florida for several meetings with prospective clients and joint venture partners in the racetrack development field. Prior to next weeks' running of the Daytona 500, many key industry leaders will be in attendance. There are several existing proposals the Company is specifically targeting for completion during these key meetings. Over the last ten years, auto racing and its fan base has been growing faster than any other professional sport and motorsports has now become a multi-billion dollar industry.
Davy Jones, Chief Executive Officer of ARC, said, "Next week is critical for completing the terms and conditions of multiple acquisition and/or development prospects. If things go our way, we hope to bring in at least one new racetrack development project."
Regarding the announcement on November 17, 2005 about the proposed partnership with New Jersey Motorsports Park, LLC and the related Letter of Intent to acquire an ownership interest in Thunderbolt Raceway, a definitive agreement has not yet been reached and the Company continues to explore this opportunity.
About Driving Concepts International
Driving Concepts International Inc. is a California based company that provides unique, entertaining and educational driver training events. They conduct a wide range of personalized performance driving clinics for men and women of all ages and driving skills. They specialize in defensive driving courses, corporate driving programs and group adventure packages. They are particularly focused on advancing the safe driving skills of teen drivers. Teaching new drivers survival skills like the techniques of accident avoidance and skid control. Skills that could some day save their lives. DCI also has high performance and racing car clinics for people interested in on-track activities. Additional information about the company can be found at their website, http://www.drivingconcepts.com/.
About American Racing Capital
American Racing Capital Inc. has set forth its mission to fund and acquire companies like DCI to utilize their knowledge in advanced driver training and expand these opportunities both regionally and across the country. ARC's other companies currently offer inside access to race teams and event sponsorship and motor sports marketing services. In addition, ARC offers consulting on design and build-out of new racetrack developments or upgrading of current motor sport facilities.
Safe Harbor
This press release contains "forward-looking" statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, and is subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in American Racing Capital Inc.'s reports that will be on file with the US Securities and Exchange Commission.
At the Company: American Racing Capital Robert Koveleski Director of Marketing 800-914-3177 http://www.americanracingcapital.com/ Investor Relations: OTC Financial Network Rick McCaffrey 781-444-6100, x625 rick@otcfn.com http://www.otcfn.com/argc