To better represent the company's focus on performance parts and advanced technologies for its OEM customers, McLaren Performance Technologies (Nasdaq: MCLN) is refining its company structure and enhancing its corporate image.

The new organization is well underway, according to Larry Cohen, chairman of the board, noting that the company's board and shareholders approved the name change from McLaren Automotive Group to McLaren Performance Technologies in April 2000.

He said the company is now divided into four business units: McLaren Engines, McLaren Traction, McLaren Vehicle Development and McLaren Manufacturing. McLaren Engines and the former ASHA Corp. of Santa Barbara, Calif. -- which developed and sold licenses for its patented, award-winning Gerodisc(TM) technology -- will now share integrated internal business functions and be joined under the umbrella of McLaren Performance Technologies. The four units serve the automotive, racing, aftermarket and marine industries.

"While we've changed our name and business structure, our commitment to quality remains a constant," added Wiley R. McCoy, president and chief operating officer (COO) of McLaren Performance Technologies. "These changes acknowledge our leadership, dedication to performance, technological expertise and focus on our customers."

The company currently operates in a 51,300-square-foot, ISO 9001- registered facility in Livonia, Mich. that houses machining, fabricating and welding shops, as well as engine and vehicle build areas, to support its engineering design, development and testing services.

By the end of the year, the company plans to open the McLaren Vehicle Development Center, a 15,200-square-foot facility also located in Livonia. The center will be dedicated to advanced concept vehicle development for Ford Racing Technology and other related Ford vehicle programs.

In addition, the company announced in August that it has signed a letter of intent to acquire Dart Machine Ltd., headquartered in Oldcastle, Ontario, Canada, a privately owned manufacturer of powertrain components such as cylinder heads and performance parts. This acquisition is expected to enhance McLaren's engine business by enabling the company to undertake programs that require volume-manufacturing capability.

Livonia, Mich.-based McLaren Performance Technologies provides full- service design, development, fabrication, testing, validation and certification of automotive powertrains and related components, development and licensing of patented traction systems, as well as complete vehicle development and prototyping capabilities.

The company currently has approximately 100 employees who serve such
automotive customers as Ford, General Motors, Delphi, New Venture Gear and Steyr Powertrain. The company's 1999 sales were $4.86 million and sales for 2000 year-to-date, as of August 31, are $10.4 million.

Established in 1969 to support the North American racing activities of
Bruce McLaren Motor Racing, the company has been associated with numerous winning teams and drivers. McLaren also has been instrumental in the development of various high-performance vehicles and products, including the Ford Mustang FR500 concept car and the racing version of Cadillac's Northstar V8 engine for the LeMans.

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