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American IndyCar Series Signs with Birmingham International Raceway

24 August 1998

Pan American Motorsports: American IndyCar Series Signs Three Year Contract with Birmingham International Raceway

    SALT LAKE CITY--Aug. 24, 1998--Pan American(OTC Bulletin Board:PONY) Mr. Bret Decker, president of Pan American Motorsports, Inc., announces today that the American IndyCar Series has entered into a three year agreement with the Alabama State Fair Complex to race its American IndyCar Series at the Birmingham International Raceway.
    The first race at the historic Birmingham International Raceway will be on Saturday, October 24, 1998 as part of the Alabama State Fair. This will be the first ever IndyCar race in the State of Alabama. Tom Drilias, Manager, Alabama State Fair said, "American IndyCar Series will definitely fill the seats, our fans are already asking for tickets."
    Bret Decker, president of Pan American Motorsports, Inc., parent company of the American IndyCar Series commented, "We're honored to be asked to bring our IndyCar Series to the South, which is the bastion of NASCAR stock car racing."
    Pan American Motorsports, Inc., acquired 100 percent of the American IndyCar Series (AIS) from Mr. William Tempero of Fort Collins, CO on May 26, 1998. As the founder and president of the American IndyCar Series, Mr. Tempero created the Series to allow a reasonable cost alternative to the ever-escalating cost associated with racing in the CART Series.
    The value of the companies involved in motor sports as sanctioning bodies for a series, or as track owners, has recently become very apparent to the investment community. CART, Champion Auto Racing Teams, recently completed an IPO in which 4,333,334 shares of stock, representing approximately 30 percent of the company, sold for more than $89 million. The issue oversold.
    Mr. Bret Decker comments, "The goal of Pan American Motorsports, Inc., is to profitably market and expand the American IndyCar Series through increasing attendance, attracting more corporate marketing partners, and gaining additional television exposure."
    Pan American Motorsports, Inc., is headquartered in Salt Lake City, with races presently taking place in the United States, Mexico and Canada.