Montreal, Quebec, January 15, 2003 — PK Racing, a new one-car entry under the co-ownership of high-tech industry giant Kevin Kalkhoven and former British American Racing team principal Craig Pollock is the latest team to join the CART series for the 2003 championship season. The new team derives its name from the surnames of its co-owners.

Pollock and Kalkhoven, along with CART CEO Chris Pook, made the announcement today at a news conference in Indianapolis, where PK Racing is headquartered, and in Montreal, the site of Molson Indy Montréal and the city in which Pollock, the manager of Formula One driver Jacques Villeneuve, has business and community-related interests.

“This has all come together very quickly,” Pollock said of the PK Racing operation. “Kevin and I were involved for much of last year trying to buy a Formula One team, but the deal never materialized. Then, just prior to Christmas, I got a call from Kevin about looking into the possibility of starting up a team in CART. The timing is perfect, because CART is in the process of reinforcing its organization and priorities, and has done a tremendous job in that regard over the last few months. I’m absolutely delighted to be working with Kevin on this new project. I believe that we complement each other extremely well.”

Pollock, 46, said he will be totally immersed in the day-to-day operations of the team, which will be managed by Russell Cameron, a familiar figure in CART paddocks. Cameron had recently started up his own racing venture under the Horizon Motorsports banner before accepting an offer to join PK Racing.

Pollock said PK Racing has narrowed its selection of a driver to “about three or four candidates,” and an announcement will be made shortly. He added that Villeneuve has no involvement in the PK Racing venture, “but he is very supportive of our fielding a team in CART.”

Kalkhoven, 58, a venture capitalist whose business interests include technology investment, property development and aviation, will not be involved in the daily racing operations, but he is no stranger to the sport. A life-long racing enthusiast, he competed as a driver some 30 years ago, and recently renewed his national license to compete in Sports Car Club of America (SCCA) events.

Kalkhoven is far more widely known for his outstanding business acumen, particularly in the field of technology and notably as the Chairman and CEO of JDS Uniphase, a corporation whose market cap grew from $35 million to $100 billion during Kalkhoven’s eight-year tenure (1992-2000). Prior to his retirement, Kalkhoven was among the top 50 CEOs on the Worth Magazine list.

“My interest in life is building businesses, and I regard PK Racing as a business,” said Kalkhoven. “We are new to the CART series and we are starting off slowly. It’s going to be highly competitive, with some very experienced teams. This first year is going to be a building year, so our ambitions are modest. But over time, I am confident that we too will be successful. Craig and I have had the opportunity to discuss the business of racing quite frequently over the year, and I’m pleased that we are able to join forces in fielding a team in the CART series. I believe with CART’s new rules it has made it possible for fresh teams and new blood to enter North American open-wheel road racing. I am sure this will create exciting and close racing for the fans.”

Starting a racing team from scratch isn’t new for Pollock. He was at the helm of BAR from its founding, in 1998. Within two years, BAR compiled 20 points in the constructors’ standings for a fourth-place tie with long-established Benetton, a lofty position for an F1 entry in only its second season. The team slipped to sixth in 2001, and in December of that year, Pollock and BAR parted company, although Pollock remains a shareholder and a member of the BAR board of directors.

“We have made some mistakes in the past, but we have also done some very good things,” said Pollock. “We’re going to tap into the knowledge bank of what went right with the BAR start-up experience and use that as a type of blueprint for PK Racing, making sure that we don’t make the same mistakes that slowed the development of BAR.”

"We are very excited about having owners with the racing and business acumen of Craig and Kevin," said Pook. "Having this team join the Champ Car World Series, especially given Craig's years with Formula 1, illustrates that we have built a series that is a destination for the top teams and drivers in the world."

Pollock said one of the major challenges for PK Racing is assembling a team and getting the Lola-chassis car ready in time for the three-day CART spring-training session in Sebring, Florida, February 4-6. The first race of the 2003 CART season takes place in St. Petersburg only three weeks later.

“It’s a short period of time to put the whole thing together,” remarked Pollock, who expects to initially have a staff of about 30 people, with the total rising to at least 50 by the end of the year. “We’re going to pass up our testing sessions prior to spring training and use that time to put in our work in the factory, so that we will be ready for spring training and beyond.

“The fact that all CART teams will be running with the same engine this season (the Ford- Cosworth XFE) will make the start-up a bit easier for us because from that standpoint it’s a level playing field for everyone. The CART series is extremely competitive. If we do our jobs well, we should be able to field a competitive team. But we’re going to make sure that we walk before we run.”

Information: Paul Vaillancourt / Johanne Lépine Torchia Communications (514) 288-8290