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Panoz Reorganization

PANOZ MOTOR SPORTS REORGANIZES MANAGEMENT STAFF BRASLETON, Ga., November 16, 1998 -- Panoz Motor Sports today announced a re-organization of the management structure of its race track facilities. Tres Stephenson, who has been Executive...

PANOZ MOTOR SPORTS REORGANIZES MANAGEMENT STAFF

BRASLETON, Ga., November 16, 1998 -- Panoz Motor Sports today announced a re-organization of the management structure of its race track facilities.

Tres Stephenson, who has been Executive Director of Sebring International Raceway, will become Executive Director of Road Atlanta Limited, with immediate effect. Mike Swaine, who has been Director of Operations of Sebring, will assume the position of Executive Director of Sebring International Raceway, Inc., also with immediate effect.

In commenting on the appointments, Dr. Donald E. Panoz, Chairman and Chief Executive Officer of the Panoz Motor Sports Group, said: "Tres Stephenson and Mike Swaine both have extensive experience in running a racing facility, gained through the years they have been at Sebring.

I am confident that Tres and Mike will succeed in their new roles and I would like to wish them success in their endeavors."

Jim Selwa, who has been Chief Operating Officer of Panoz Motor Sports since May of 1997, will leave Panoz to pursue other interests in the automotive industry. He will, however, retain his association with Panoz through a consultancy arrangement.

In commenting on this development, Dr. Panoz said: "While I regret Jim Selwa's decision to leave Panoz, I understand his desire to pursue other interests. I would like to acknowledge Jim's great contribution to the development of our racing business. Jim spearheaded the major refurbishment of the Road Atlanta track facility. It is now the premier road racing track in America and compares favorably with similar tracks elsewhere in the world. He also led the integration of the Sebring and Mosport businesses following their acquisitions in 1997 and 1998 respectively.

"I would like to thank Jim for his efforts in helping us to achieve racing success in our GT-1 racing programs, both in the U.S. and in Europe. In particular I would like to note that he played an integral part in our success in the 24 Hours of LeMans in 1997 and 1998."

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