McLaren Engines Experiences Increased Demand for Engineering Services
23 June 1999
McLaren Engines Experiences Increased Demand for Engineering Services
DETROIT--June 23, 1999--McLaren Engines, Inc. (a wholly owned subsidiary of McLaren Automotive Group, Inc. ) has experienced, since the beginning of calendar year 1999, an increase in both contracts and billings.According to McLaren Engines' Chief Operating Officer (and McLaren Automotive Group President) Wiley McCoy, "The past six months have shown a dramatic increase in demand for our contract engineering services. Recently, Cadillac had announced a return to racing at Le Mans, and other endurance motorsport events. McLaren Engines was gratified when Cadillac came to us to develop a twin-turbo Northstar V8 to power its Year 2000 entry. We will also provide other support throughout the program. This is only one of several exciting new projects that McLaren Engines has been awarded this year."
McLaren Engines has increased its engineering staff to support the Cadillac racing program through months of testing before its appearance at Le Mans in 2000. This increased research and development staffing will also handle other long-term powertrain programs. Due to the confidential nature of these R&D activities, much of the work being done cannot be announced.
McCoy continued, "We are growing into the next phase of being an integral research and development partner for our Tier I and OEM clients who have come to depend on us for advanced planning and development. Our reputation and capabilities have earned McLaren Engines a role in the development of some of the most exciting future powertrain systems and technology. This is the long-term commitment that we are continuing."
McLaren Automotive Group, Inc. is the parent company of both McLaren Engines, Inc. and ASHA Technologies. McLaren Engines, Inc. is an advanced powertrain design, fabricating, and testing facility first established in Detroit in 1969, and is an ISO-9001 registered firm. ASHA Technologies develops advanced technology products and automotive design and manufacturing techniques for the global automotive industry, and licenses its award-winning GERODISC(TM) systems.
This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the "safe harbor" created thereby. These statements include the plans and objectives of management for future operations, including plans and objectives. The forward-looking statements herein are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgements with respect to, among other things, future economic, competitive, and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond control of the Company. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any one of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this Release will prove to be accurate.
McLaren Automotive Group stock is traded on the NASDAQ SmallCap Market
Visit McLaren Engines, Inc. on the Internet at www.mclarenengines.com, and ASHA Technologies at www.ashacorp.com