jaketuff
10-29-2002, 01:44 PM
McLaren Performance Technologies Wins
Significant Manufacturing Business From GM
Represents the Largest, Single Order in the Company's History
LIVONIA, Mich., Oct. 28 /PRNewswire-FirstCall/ -- McLaren Performance
Technologies, Inc. (Nasdaq: MCLN) announced today that it has earned a
significant piece of powertrain manufacturing business from General Motors,
representing the largest, single order in the company's history.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010321/MCLNLOGO )
The program calls for McLaren Performance to machine and sub-assemble special,
high-performance cylinder heads and engine blocks for 2005 through 2008
production, and represents some $16 million in incremental sales over the
course of the project. However, the program has the potential to run through
2010 and also increase in annual volume. The prototyping process has already
begun, and the first run of cylinder heads is now on-line at the McLaren
Performance machining center in Oldcastle, Ontario, Canada. Due to
confidentiality concerns, the vehicle application remains undisclosed.
"As we continue to rev up as a single-source, powertrain solutions provider,
this award demonstrates that between our Livonia, Michigan development center
and our manufacturing base in Canada, McLaren Performance Technologies is well
positioned to accelerate ahead," according to Steven Rossi, president and CEO.
McLaren Performance Technologies provides full service design, development,
fabrication, manufacturing, testing, validation and certification of automotive
and racing powertrains, and related components. The company was originally
established in 1969 as the engine development company for Bruce McLaren Motor
Racing.
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 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.
JOUT
Significant Manufacturing Business From GM
Represents the Largest, Single Order in the Company's History
LIVONIA, Mich., Oct. 28 /PRNewswire-FirstCall/ -- McLaren Performance
Technologies, Inc. (Nasdaq: MCLN) announced today that it has earned a
significant piece of powertrain manufacturing business from General Motors,
representing the largest, single order in the company's history.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010321/MCLNLOGO )
The program calls for McLaren Performance to machine and sub-assemble special,
high-performance cylinder heads and engine blocks for 2005 through 2008
production, and represents some $16 million in incremental sales over the
course of the project. However, the program has the potential to run through
2010 and also increase in annual volume. The prototyping process has already
begun, and the first run of cylinder heads is now on-line at the McLaren
Performance machining center in Oldcastle, Ontario, Canada. Due to
confidentiality concerns, the vehicle application remains undisclosed.
"As we continue to rev up as a single-source, powertrain solutions provider,
this award demonstrates that between our Livonia, Michigan development center
and our manufacturing base in Canada, McLaren Performance Technologies is well
positioned to accelerate ahead," according to Steven Rossi, president and CEO.
McLaren Performance Technologies provides full service design, development,
fabrication, manufacturing, testing, validation and certification of automotive
and racing powertrains, and related components. The company was originally
established in 1969 as the engine development company for Bruce McLaren Motor
Racing.
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 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.
JOUT