SAN DIEGO, Oct. 13 /PRNewswire-FirstCall/ -- American Racing Capital Inc. ("ARC"), (Pink Sheets: ANRC), a consulting group dedicated to motor sports sponsorship development and racetrack acquisition and design, announced that effective today Davy Jones has resigned as President and CEO of the Company to pursue personal endeavors. Bob Koveleski has assumed the role of Interim CEO, and Steve Pinson joins the Company's management team as Interim Chief Financial Officer. ARC indicated it has commenced an executive search for a permanent CEO and CFO.
Bob Koveleski, Interim CEO of American Racing Capital, said, "Davy's shared vision and experience helped to shape and guide the Company into becoming a professional motor sports consultancy with a focus on business and talent development and bringing best practices to the sport. We wish Davy well in his future endeavors."
Steven B. Pinson, Interim CFO, is a business professional of more than 30 years whose experience encompasses management, finance, and real estate development and acquisition. Mr. Pinson brings extensive leadership skills gained during his years as a controller at the following companies: Superior Essex (1996-2006), Producto Electric Corp. (1992-1996), P&R Development (1989-1992), Calkins Enterprises (1985-1989), Allied Signal (1984-1985), and Atlas Technologies (1979-1984). Mr. Pinson holds an MBA in Finance and a BS in Commerce and Finance from Wilkes University, Wilkes-Barre, PA.
Koveleski continued, "I'm pleased to welcome Steve to American Racing Capital as Interim CFO. I believe that his experience, particularly his expertise with real estate development and acquisition and with managing construction operating budgets, will bring to the Company the necessary knowledge to further grow our racetrack design and development practice."
About American Racing Capital
American Racing Capital Inc. has set forth its mission to fund and acquire companies like DCI to utilize their knowledge in advanced driver training and expand these opportunities both regionally and across the country. ARC's other companies currently offer inside access to race teams and event sponsorship and motor sports marketing services. In addition, ARC offers consulting on design and build-out of new race track developments or upgrading of current motor sport facilities.
This press release contains "forward-looking" statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, and is subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in American Racing Capital Inc.'s reports that will be on file with the US Securities and Exchange Commission.
For further information, contact:
At the Company:
American Racing Capital
Robert Koveleski
Director of Marketing
800-914-3177
http://www.americanracingcapital.com/
Investor Relations:
OTC Financial Network
Rick McCaffrey
781-444-6100, x625
© 2006 PR Newswire
