N.TECHNOLOGY SUSPENDS ITS PARTICIPATION IN THE 2009 FIA WTCC N.Technology Spa Shareholders' Meeting - Following a meeting from the company's Board of Directors, taking into consideration some of the manufacturers decisions to postpone the terms...
N.TECHNOLOGY SUSPENDS ITS PARTICIPATION IN THE 2009 FIA WTCC
N.Technology Spa Shareholders' Meeting - Following a meeting from the company's Board of Directors, taking into consideration some of the manufacturers decisions to postpone the terms of participation into the sporting activities under discussions, as well as the worldwide critical economical state, N.Technology has decided to suspend its participation in the FIA World Touring Car Championship (WTCC) in 2009 and put the company into liquidation.
Following this decision, and to safeguard its heritage, experience and employees; all assets which have led to a unique amount of recent success in several World, International and National Championships; N.Technology has finalised an agreement with Campos Racing SL.
Under this agreement, N.Technology will supply the technical equipment, experience and Honda Accord cars to the prestigious Spanish team, led by the former-F1 driver Adrian Campos, in view of a possible participation in the 2009 FIA WTCC.
N.Technology is currently finalising the preparation of its two Honda Accord cars, updating them according to the Championship's 2009 specifications as already planned by the company's engineers, to enable the Campos Racing team's presence with the highest levels of performance from the first WTCC event scheduled in Brazil on 8 March.
Furthermore, N.Technology is completing the construction of new Formula Master single-seaters ordered by three new teams for the 2009 season (Hitech Racing, HBH Racing and Campos Racing). The company is also finalising the update kits for the 2009 Formula Master cars, as defined in its agreement with the organisers and promoters of the Formula Master Series, MSC Organisation Ltd. All cars and kits will be delivered in time for the first official testing session in 2009 on 1-2 March in Valencia, Spain.
Through N.Technology's reorganisation and the hand-over of its non-strategic assets, the company will be able to evaluate and pursue future opportunities within the international automotive market; some which can already be seen.