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Panoz Motor Sports Aligns with Professional Sports Car Racing

6 February 1998

BRASELTON, Ga. -- Panoz Motor Sports today announced that Professional Sports Car Racing (SPORTS CAR) will sanction events at its road racing tracks -- Road Atlanta, Sebring, and Mosport. This will include the recently announced Petit Le Mans, the sports car series at Sebring in the fall of 1998 and the Atlanta Grand Prix in June of 1998. Panoz Motor Sports is in the process of finalizing the acquisition of the lease at Mosport.

This agreement accompanies the announcement that Octagon, the newly formed sports marketing arm of The Interpublic Group of Companies, will handle all marketing and television rights for the SPORTS CAR properties. Octagon is currently negotiating to purchase Professional Sports Car Racing. This purchase should be completed in advance of the 12 Hours at Sebring on March 21, 1998.

"Panoz Motor Sports is signing these sanctioning agreements because SPORTS CAR has retained Octagon to handle marketing and television rights," said Don Panoz, founder of Panoz Motor Sports, "We feel that with Les Delano's participation and Octagon's marketing infrastructure and expertise, SPORTS CAR will help road racing reach new heights in the United States. With the addition of Maurizio Flammini's group and their administrative strength, the new SPORTS CAR will be dramatically improved."

Established in January, 1998, Octagon is comprised of leading sports marketing companies including Advantage International of Washington, D.C. and The API Group based in London. Currently, Octagon owns Flammini Motorsports, based in Rome, which manages numerous motorsport events throughout the world, including the prestigious Superbike World Championship.

The Panoz group of companies includes Panoz Motor Sports, with race teams competing in the FIA GT Championship and the U.S. GT series; the Road Atlanta Motorsports Center; legendary Sebring International Raceway; Panoz Auto Development, a manufacturer of limited-production, high-performance sports cars; and Chateau Elan, a four-star resort in northern Georgia.