The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Automotive Performance Group Engages CIBC Oppenheimer

6 July 1998

CIBC Oppenheimer Engaged as Investment Banker by Automotive Performance Group

    PHOENIX--July 6, 1998--Automotive Performance Group, Inc. (OTCBB:RACG), a full-service owner and operator of high performance automotive businesses, announced today that it has engaged investment banking firm CIBC Oppenheimer to help the company identify and review opportunities for strategic alliances and acquisitions.
    Under the agreement, which will be in effect for 12 months, CIBC Oppenheimer will help APG evaluate possible acquisitions, joint ventures or partnerships, sale of equity or debt securities through private placement or public offering, as well as other transactions.
    "CIBC Oppenheimer has an exceptional reputation and proven expertise in helping its clients increase shareholder value," said Andrew Evans, Chairman and President of APG. "We are pleased to have their assistance as Automotive Performance Group looks to add additional companies with complementary brands to our portfolio. I am confident that Automotive Performance Group and its shareholders will benefit from the expert guidance of CIBC Oppenheimer as we seek to maximize the potential for long-term profitable growth."
    APG operates a variety of high performance automotive businesses including Royal Purple Motor Oil, which produces synthetic oil products favored by many racing teams and manufacturers; and Klein Engines and Competition Components, Inc., a leading manufacturer of high performance engines. In addition, APG owns Team Scandia, which last year became the second team in history and the first in a quarter century to record victories in three major North American racing series in the same year. Team Scandia won the Exxon Superflo 12 Hours of Sebring (Sports Car road racing), the Mopar Parts Nationals at Englishtown, NJ (NHRA Top Fuel drag racing), and the Las Vegas 500K (IRL Indy car racing) in 1997. APG owns 50 percent of Scandia Bodine Racing, a competitor on the prestigious NASCAR Winston Cup stock car racing circuit. APG also has marketing and personal services agreements with its contracted drivers Jimmy Kite, Cristen Powell and Brett Bodine.