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Colonel's Back on Track with New Race Dates

5 February 1999

Colonel's Back on Track with New Race Dates

    MILAN, Mich., Feb. 5 -- The Colonel's Brainerd International
Raceway, Inc. (CBIR) announced earlier today that it has received faxed
confirmation of the race dates from the NHRA for the 1999 season.  NHRA stated
that Brainerd, Minnesota is a very good venue and has many dedicated race fans
to hold a National Event. The National Race will be held on August 19-22. The
Federal Mogual Drag Series, which kicks off the race track's spectator season,
has been set for May 21-23.  NHRA also sanctions the bracket races that are
held at the Raceway, which are scheduled for May 14-16, July 9-11,
August 13-15, and September 10-12.
    The Company in late December was faced with establishing a new management
team stemming from operational differences imposed on CBIR by the parent
company The Colonel's International, Inc. based in Milan, Michigan and traded
on the Nasdaq as COLO. The parent company imposed policy changes that would
have the Raceway be run as a business and not as a "Family Owned Entity."
Former senior management strongly resisted this policy change and chooses
not to continue to be employed.
    In January 1999, CBIR began with new office staff, former office staff
that worked for the track several years ago, and hired back some current staff
that felt pressured by the former senior management to resign.  The company
hopes to appoint a new senior manager within the next 60 days.
    Since 1995, The Colonel's International, Inc. has owned the Raceway and
has been a major factor in its growing success. The company has spent over
1.6 million in raceway improvements which include new bathrooms, track
resurfacing, additional guardrails, expansion of the bridge to the infield,
drainage improvements, suite upgrades, camping area improvements, concession
improvements, and many new grand stands.
    Richard Schoenfeldt, the Colonel's Chief Financial Officer, stated that it
was unfortunate that the former track staff left the track offices just before
the holiday season.  But it didn't take us long in January to sort through
some things and get the Raceway moving.  He and Ted Gans the Colonel's
corporate counsel are scheduled to meet with NHRA officials early next week in
California to talk about all aspects of the track and this year's event.
    Brochures are very close to being printed, the awards banquet for last
year's participants is being planned, and tickets will go on sale shortly.
    The Colonel's knows that it has a lot of work to do to make this an
enjoyable season, and is dedicated to look after every detail.  Further
releases will be made as new developments occur.