Businessmen Craig Pollock and Kevin Kalkhoven announced today in Indianapolis the formation of the PK Racing entry into the 2003 CART Champ Car Series. PK Racing will be based in Indianapolis.

"This has all come together very quickly," Pollock said. "The timing is perfect, because CART is in the process of reinforcing its organization and priorities, and has done a tremendous job in that regard over the last few months."

Pollock is not new to the world of CART, he spent time in the series as the personal manager "mentor" of Jacques Villeneuve; the 1994 Rookie-of-the-Year and 1995 CART Champion. No announcement as to the driver of the one-car team has been made, but it is known that two long-time friends of Villeneuve, Mika Salo and Patrick Lemarié, have been in discussions with the team.

Kalkhoven gained much of his racing experience behind the wheel as he holds a Sports Car Club of America National racing license. The Chairman and CEO of JDS Uniphase stated, "My interest in life is building businesses, and I regard PK Racing as a business.

Craig and I have had the opportunity to discuss the business of racing quite frequently over the year, and I'm pleased that we are able to join forces in fielding a team in the CART series."

Pollock's first venture into ownership was when he co-founded the British American Racing F1 team in late 1998. The joint effort included Reynard's debut into Formula One.