ZEPHYR COVE, Nev., Aug. 18 /PRNewswire-FirstCall/ -- American Racing Capital Inc. ("ARC") ("the Company"), , a consulting group dedicated to motorsports sponsorship development and racetrack acquisition and design, and New Jersey Motorsports Park, LLC, jointly announced today that they have mutually agreed to discontinue discussions on a proposed joint partnership to develop a racetrack in southern New Jersey. Construction of the facility is scheduled to begin soon. While ARC will not be involved in the management or ownership of this facility, the companies will continue to work together on marketing, sponsorship and special project opportunities.
Davy Jones, Chief Executive Officer of ARC, said, "After joint exploration, we and New Jersey Motorsports Park have determined that this is not the appropriate venture for our respective companies to jointly pursue. Our relationship with New Jersey Motorsports Park has been mutually beneficial and we part amicably. Management remains focused on the pursuit of alternative racing development projects that can build shareholder value. Our shareholders can be assured that this decision was done with their best interests in mind, and we value the confidence and trust they have placed in our management team."
About American Racing Capital
American Racing Capital is an international organization specializing in the professional motorsports industry. The Company's scope of services includes driver training, new racetrack design and development or upgrading of current motor sport facilities, and sponsor relations and marketing. For more information, visit http://www.americanracingcapital.com.
Safe Harbor
This press release contains "forward-looking" statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, and is subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in American Racing Capital Inc.'s reports that will be on file with the US Securities and Exchange Commission.
For further information, contact:
At the Company:
American Racing Capital
Robert Koveleski
Director of Marketing
800-914-3177
http://www.americanracingcapital.com
Investor Relations:
OTC Financial Network
Rick McCaffrey
781-444-6100, x625
rick@otcfn.com
http://www.otcfn.com/anrc