McLaren Automotive Group Becomes McLaren Performance Technologies
21 April 2000
McLaren Automotive Group Becomes McLaren Performance Technologies; Shareholders Approve Name Change
LIVONIA, Mich.--April 19, 2000--McLaren Traction Technologies Inc. (Nasdaq:MCLN), officially became McLaren Performance Technologies Inc. after a vote taken at the annual meeting of shareholders held Tuesday, April 18, 2000.Other issues approved, included the nomination and election of five directors of the company, ratification of the selection of Ernst & Young, LLP as the company's independent accountants, and the adoption of a new Stock Option Plan.
The five newly elected directors will serve until the next annual meeting of shareholders. They are Nicholas P. Bartolini, Lawrence Cohen, David D. Jones, Wiley R. McCoy and Robert J. Sinclair. Each director represents a wealth of experience, either in the financial community or the automotive industry.
The meeting was chaired by Cohen, McLaren Performance Technologies Inc., chairman of the board, who indicated that the company was now poised to enhance current core capabilities by moving into manufacturing and software development.
The following statements are highlights taken from the address to shareholders by McCoy, president and chief operating officer of McLaren Performance Technologies Inc., at the annual meeting, with regards to the vision and direction of the "new" McLaren Performance Technologies Inc.
-- Continued upwards trends in financial improvement
-- Outstanding results in service to our many customers
and profits to the bottom line from McLaren Engines
-- Encouraging new developments from our Traction division
-- Creation and marketing of our Electronic "Smart
Differential"
-- We have expanded the envelope of Gerodisc technology
into the world of electronic control. We are now ready
to take it into the production world.
-- Our Cadillac program continues to grow ... there are now
four Cadillacs preparing to attack LeMans on June 17/18.
-- Our financial group, under Jacqueline Kurtz, our CFO, is
moving forward, putting new systems in place that will
increase financial and information flow.
-- Due to our expanded efforts we have been able to make this
past year, our relationships in the automotive industry are
now better than ever.
-- McLaren is ready and able to take on expanding business in
all areas of power and traction control.
-- We are moving into areas of manufacturing and software that
will place us at the forefront of becoming a major high
performance force in the vehicle market.
McCoy closed his remarks by stating, "... We believe we are not only poised to begin to release our potential, we have already begun."
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 judgments 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, can be no assurance that the forward-looking statements included in this release will prove to be accurate.