BRASELTON, Ga., November 3, 1998 -- Donald E. Panoz, chairman and founder of Panoz Motor Sports, announced today that negotiations have concluded and ownership of the Mosport Park properties in Bowmanville, Ontario, Canada transfers to Panoz Motor Sports effective from October 30, 1998.

The properties include Mosport International Raceway, the 2.5-mile road course which was the site of the Canadian Grand Prix from 1967 through 1977, Mosport Speedway, a half-mile paved oval track, and Mosport Kart Track, a one-kilometer karting circuit.

"We are delighted to have resolved and finalized the purchase of Mosport," says Don Panoz, founder, Panoz Motor Sports. "Now we can turn our attention to restoring Mosport to its position as one of the great Canadian race tracks."

The purchase of Mosport continues Don Panoz's vision for motorsports in North America. Improvements and upgrades to the facilities are planned, along much the same lines as those already underway at Road Atlanta and Sebring.

Beginning in 1999, the fabled Canadian track will be included in the inaugural American LeMans Series, which was launched last month at the Petit LeMans 1000 Miles at Road Atlanta. Mosport will host a full slate of races in 1999, including many of its traditional race weekends. A final schedule for next year will be released in the coming weeks.

"After several years of uncertainty, Mosport finally is in the hands of a man with the vision and resources to bring this historic track back to its position as one of North America's truly great road courses," says Myles Brandt, Executive Raceway Director.

Mosport joins the Panoz group of companies which include Road Atlanta Motorsports Center; Sebring International Raceway; Panoz Auto Development, manufacturer of limited-production, high-performance sports cars; Panoz Motor Sports, with teams racing in the FIA GT, USRRC and Professional Sports Car Racing championships; and Chateau Elan, a four-star resort in northern Georgia.