Gary R. Cornwell

Melbourne, Fla., May 3, 2002 - Gary R. Cornwell, President and Chief Executive Officer for CVEC Power Systems Inc. today announced the formation of CVEC Racing, a sister company that will specialize in sponsorship and marketing opportunities, licensing and other subsidiary operations.The foundation for this new program is CVEC Racing's multi-year sponsorship of two-time and defending NHRA Pro Stock Bike Champion Angelle Savoie and the
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stated Cornwell."Our company is embarking on a new charter with CVEC Racing, and the marketing campaign surrounding this sponsorship is its cornerstone.

"We are very excited to be able to share our vision and look forward to working with associate sponsors Suzuki and Snap-On Tools, as well as the

Gary R. Cornwell, President and Chief Executive Officer for CVEC Power Systems Inc. today announced the formation of CVEC Racing, a sister company that will specialize in sponsorship and marketing opportunities, licensing and other subsidiary operations.The foundation for this new program is CVEC Racing's multi-year sponsorship of two-time and defending NHRA Pro Stock Bike Champion Angelle Savoie and the Star Racing Suzuki.

"CVEC Racing is proud to be associated with Star Racing and Angelle Savoie," stated Cornwell.

Melbourne, Fla., May 3, 2002 -Gary R. Cornwell, President and Chief Executive Officer for CVEC Power Systems Inc. today announced the formation of CVEC Racing, a sister company that will specialize in sponsorship and marketing opportunities, licensing and other subsidiary operations.The foundation for this new program is CVEC Racing's multi-year sponsorship of two-time and defending NHRA Pro Stock Bike Champion Angelle Savoie and the Star Racing Suzuki.

"CVEC Racing is proud to be associated with Star Racing and Angelle Savoie," stated Cornwell.

According to Gary R. Cornwell, president and chief executive officer for CVEC Power Systems Inc., the sponsorship is the foundation for the formation a sister company that will specialize in sponsorship and marketing opportunities, licensing, and other subsidiary operations.

"CVEC Racing is proud to be associated with Star Racing and Angelle Savoie," said Cornwell.

The new deal was finally unveiled at Atlanta, where George and Angelle posed happily with Gary Cornwell, the owner of CVEC Power Systems, and Star Racing's new marketing partner.
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Gary Cornwell, the owner of CVEC Power Systems, has a U.S. patent on the device he uses in the exhaust that separates it from everything else on the market, and getting involved with us gave him a serious foothold in the industry.Everything looked great, and that's why I signed a three-year deal.It had proper financing as far as my racing team was concerned, but the bottom line was that it was a very involved and complex project - one that relied heavily on outside investors in order to move on to the next level, and that's where the problems eventually came in.

"A group of investors that were going to help finance the ongoing CVEC project were also heavily invested in AOL stock, and right in the middle of us putting this thing together the AOL stock took a nose-dive, and these guys disappeared overnight.It wasn't really anybodies fault, but our best-laid plans just got really fouled up.As a group we tried and tried every way we could to still make the deal come together, but with money so scarce in this corporate climate today, and the fact that the project was so front loaded with a pretty serious marketing effort through the Star Racing team, we decided to put it on the back burner for a while.

Gary CornwellPresident & CEOCVEC Racing, LLC.321-757-3999

MELBOURNE, FL (May 3, 2002) - (Business Wire) – CVEC (Power Systems) Incorporated President and Chief Executive Officer, Gary R. Cornwell announced today the formation of CVEC Racing, Inc."For many years CVEC Power Systems has successfully manufactured performance exhaust systems for the hobby/radio controlled (RC) marketplace.Now we are embarking on a new charter with a new organization called CVEC Racing.This dynamic company will offer the drag racing community another exciting opportunity to experience the thrill of racing while having fun with the entire family," states Cornwell.

Cornwell explains "CVEC Racing serves as the umbrella company specializing in sponsorship and marketing opportunities, licensing, the HDRA (Hobby Drag Racing Association), RC Pro Stock, Funny Car, and Top Fuel Drag Racing manufacturing, research and development activities, as well as working closely with its sister company CVEC Power Sytsems."

CVEC Racing in its first marketing endeavor has signed an agreement to sponsor Star Racing and its two time NHRA Pro Stock Motorcycle National Champion Angelle Savoie.Cornwell states "Our sponsorship of Star Racing's team of George Bryce and Angelle Savoie is the cornerstone of our new marketing campaign, and we are especially pleased to be involved at the highest level of the NHRA series.
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Contact: Gary CornwellCVEC Racing, Inc.http://www.cvecracing.com/321-757-3999

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