VAN DIEMEN ALIGNS WITH ALLEN IN STRATEGIC EUROPEAN PARTNERSHIP

Braselton, GA. January 8, 2009: Elan Motorsports Technologies (EMT), owners of Van Diemen International Racing Services (Van Diemen), are pleased to announce a strategic partnership with Lindsay Allen, owner of Fluid Motorsport and Southern International, concerning the manufacture and sales of Van Diemen Formula Ford chassis and parts in Europe.

The partnership allows EMT and Allen to work closely together to develop and grow the Formula Ford market in Europe, according to David Bowes, Chief Executive Officer of EMT. Allen will operate out of Van Diemen's premises in England and will manufacture and distribute the Formula Ford chassis and parts throughout Europe under license. EMT's design function, also responsible for recent Indy 500- and Le Mans-winning chassis, will continue to develop the car in the future.

EMT already has transferred the manufacture of all other Van Diemen products to its headquarters in Braselton, Ga. This strategic decision was made in order to offer improved service and better prices to North American customers who constitute 80 percent of Van Diemen's global business.

"This partnership with Allen ensures that our Van Diemen customers in Europe will be extremely well looked after," Bowes said. "Not only will it have the weight of Elan's experienced design function behind future direction of the car's development, but it also will have the considerable experience of Allen and his team to support their day-to-day chassis and parts requirements."

Allen sees the partnership as the next logical step to develop his own businesses in the UK. "I have already secured three rides in the British Formula Ford Series this year on the back of this deal," said Allen. "I see this as the ideal tie-up between a world-class race car constructor and an equally successful race team. The combined strengths of the partnership mean that we can now offer race teams throughout Europe excellent supply and technical support at grassroots levels."

EMT, part of the Panoz Motor Sports Group, is a widely diversified company that specializes in design and engineering. It is comprised of Elan Composites, Elan Power Products, Elan Precision Engineering and Van Diemen. Continually using new design and manufacturing processes, EMT offers customers a wealth of superior design and manufacturing expertise in motor racing as well as general automotive and aerospace applications. From basic design to the completion of a finished product, EMT applies the highest principles in performance engineering.

On the motorsports side, EMT manufactures and supplies the Superleague Formula Series chassis and parts in Europe. It also manufactures chassis for IMSA Lites, the Star Mazda Championship presented by Goodyear, F2000 Championship and a variety of SCCA competitions. EMT's non-automotive divisions supply components to military, aircraft and aerospace customers in North America.