MB2 acquires Tyler Jet Motorsports assets

Harrisburg, N.C. - July 20, 2000 - MB2 Motorsports today announced the immediate acquisition of a substantial part of Tyler Jet Motorsports assets. The acquisition enables the ...

Harrisburg, N.C. - July 20, 2000 - MB2 Motorsports today announced the immediate acquisition of a substantial part of Tyler Jet Motorsports assets.

The acquisition enables the #10 Pontiac driven by Johnny Benson to compete in the 2000 NASCAR Winston Cup season and beyond for MB2. Benson's team will join Kenny Schrader's #36 M&M's Pontiac team to form the newest multi-car team in the series.

"I think everyone knows the trend in Winston Cup is toward multi-car teams," said MB2 co-owner Read Morton. "We are constantly looking down the road to determine what we need to do to make MB2 successful in the future and we decided that a multi-car team is where we had to go."

Benson led 38 laps in the Daytona 500, finished sixth at Las Vegas, and second at Bristol. The 37-year-old Michigan native has campaigned an all-white car since the Pepsi 400 at Daytona on July 1. He said MB2's acquisition brings stability and a wealth of resources to the race team. Both teams will continue to race Pontiacs powered by engines from Hendrick Motorsports.

"Man this is as good as it gets," said Benson. "To go from an unsponsored team to being part of MB2 and all the resources it brings to the table is fantastic. Our outlook for the remainder of the year and beyond is as positive as it has ever been. This is the best I have ever felt about my career in NASCAR. Kenny and I do a television show each week and part of the reason I wanted to do this deal is because of Kenny. If you had to pick a teammate Kenny would be my first choice."

Benson said all of his crew at Tyler Jet Motorsports will continue to work out of the same shop near Lowes Motor Speedway for the balance of 2000. MB2 plans on building a shop near the Concord, N.C. airport to house both teams.

Morton said MB2 is looking for a sponsor for Benson's car for the rest of the 2000 season. He expects an announcement later this summer regarding 2001 sponsorship. Morton said negotiations with Tyler Jet Motorsports owner Tim Beverley began almost a month ago and concluded this week with a deal that benefits both parties.

"Tim's team had the performance that we were looking for and we brought the other resources they were looking for so it makes a good match," Morton said. "Tim will be a minority owner of the #10 Pontiac."

Nelson Bowers, Tom Beard, and Morton co-own MB2 Motorsports. Jay Frye assumes the duties of general manager for the #10 and #36 teams. He has served as MB2's general manager since its inception in 1996.

Beverley, 43, purchased Darrell Waltrip's team in 1998 and renamed it Tyler Jet Motorsports.

"Most of my success in life comes from refurbishing pre-owned airplanes and selling them," Beverley said. "The way I look at my experience in NASCAR is that I did just what I do in the airplane business. I bought a team whose future looked bleak in 1998 and turned it into a top 15 team. But, the grind of racing seven days a week 52 weeks a year took its toll. MB2 is a fine team and I wish both cars a lot of success in the future. I'm not leaving NASCAR. I'm just taking a rest. I'll see you at the race track."

MB2 MOTORSPORTS OWNERS

Tom Beard

A Moultrie, Ga., native now living in Atlanta, Beard is managing director of Deutsche Bank Alex. Brown Global Investment Banking. Beard graduated from the University of Georgia and served during President Jimmy Carter's administration as Deputy Assistant to the President from 1976-1980. Beard is currently a member of the Georgetown University Department of Languages & Linguistics Board of Advisors, a participant in the University of Georgia Business School's Distinguished Practitioners program and serves on the Advisory Board to the Emory University School of Asian Studies. Beard also serves on the Board of Directors of Camp Sunshine, Camp Twin Lakes and the Atlanta College of Art. Beard is married to Frances and has three sons, Brooks, Hayes and Casey.

Nelson Bowers II

Bowers is a successful entrepreneur with diverse interests surrounding the retail automotive industry. Presently, he is a principal in Presidio Strategies, LLC a San Francisco based investment banking firm specializing in advisory services to auto dealers. He also owns and operates successful automobile dealerships and collision centers in Chattanooga, Tenn. From the mid 1980's to 1997, Bowers formed an industry leading organization of 14 franchises in eight locations in Chattanooga and Nashville with annual revenue of over $250 million dollars. In 1997, Bowers' primary dealership group was acquired by Charlotte based Sonic Automotive, Inc. Bowers became a charter member of Sonic Automotive's senior management team. In January 1999, he left Sonic to focus on investment banking opportunities resulting from the auto industry's consolidation trend. A University of Georgia graduate, Bowers and his wife Pam have two children, Courtney and Rick.

Read Morton

Morton, senior partner of the Atlanta Law Firm of Burr & Forman, LLP, was born in Columbus, Ga., and has been a resident of Atlanta for the 34 years. He holds an undergraduate and law degree from the University of Georgia and is a member of the State Bar of Georgia. In addition, he is a member of the Atlanta and American Bar Associations, the Lawyer's Club of Atlanta and the Atlanta Estate Planning Council. Morton's primary areas of practice are corporate, business transactions and corporate finance. He is a member of the Board of Trustees of the University of Georgia Foundation and the Board of Visitors of the University of Georgia School of Law. Morton is married to Margaret and they have two children, Frances and Billy.

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Series Automotive , NASCAR Cup
Drivers Darrell Waltrip , Johnny Benson