Saleen Inc. is acquired by M.J. Acquisitions
- Irvine, Calif., February 2, 2009

After announcing it was looking for a buyer in early November, Saleen Incorporated announced today that MJ Acquisitions has acquired certain assets of America's premier automotive lifestyle brand, relating to Saleen's supercharger, aftermarket and high performance street vehicle businesses.

The transaction reportedly was finalized last Friday, which left all of the employees (including Saleen Inc. CEO Chris Theodore) with the legal formality of being without jobs -- at least temporarily. Some hirebacks have already taken place as the transition progresses.

While the terms of the deal were not disclosed, the purchase does not include the assets associated with the supercar (S7 or S5 Raptor vehicles) or the paint operations, which will remain with Saleen Incorporated.

The ownership of MJ Acquisitions controls a family of companies which provide full service engineering, design, manufacturing, assembly and control systems for the automotive industry. It's affilitated companies include Cyltec, LLC, Power-Tec Engineering, LLC, Arrow Racing Engines, LLC, and Control-Tec, LLC.

"MJ Acquisitions and its affiliates are a group of true car professionals with vast experience in the engineering, production, assembly and distribution of performance and racing vehicles" said Theodore in a press release. "This influx of new life into the Saleen, RaceCraft and SpeedLab brands is a win-win situation."

Theodore noted loyal Saleen customers, dealers and enthusiasts can look forward to an exciting transition period.

"We moved on this purchase quickly to ensure that the process of delivering high-quality automobiles and components to the consumers is not disrupted," said Mike Shields, President and CEO of MJ Acquisitions. "We are working with the talented team from Saleen and our own experts to continue the quality, delivery, and performance the customer base and delalership network have come to expect from the Saleen brand. I am particularly excited about Saleen's supercharger experience and its synergies with Power-Tec's development of the next generation of superchargers."

Immediate plans are to roll out the 2010 version of the newly designed Mustang for the Racecraft brand and commence other Racecraft designs for additional vehicles. The new Mustang is shipping from Ford later this month. Additionally, the Saleen brand will have a new design of the flagship S-Line that is already in the works and scheduled for release in the third quarter of 2009.

While this announcement may provide more questions than answers for some, Saleen owners should be assured that key warranty and sales staff are still at the company to serve dealers and owners, with more hirebacks likely coming in the days ahead.

MJ Acquistions does plan to work with the dealer network and others to establish the future product line. A company spokesperson said more announcements will be forthcoming, so stay tuned.

About Saleen Performance Vehicles

Saleen Performance Vehicles is a manufacturer of limited-edition, high-performance cars and trucks, headquartered in Troy, Michigan. Saleen vehicles embody sophistication in engineering, styling and performance, resulting in a dynamic driving experience that is both exhilarating and refined. Together with its sister companies, Cyltec LLC, Control-Tec LLC, Power-Tec LLC and Arrow Racing, Saleen encompasses a broad range of capabilities and services in automotive design, development and manufacturing.

Saleen Corporate Headquarters
33603 Dequindre Rd.
Troy, MI 48083
Tel: 800-888-8945

Saleen, Inc.
76 Fairbanks Dr.
Irvine, CA 92618-1602
Phone: 949-597-4900

Saleen is a high-performance car manufacturer with models such as the S7 American Supercar, the Saleen S281, and the Saleen S281 Extreme. The company is also working with Ford to deliver two new models in 2005 incuding the Saleen N2O Focus and the Ford GT. Saleen has opened a new facility in Troy, Michigan where is assembling and painting Ford GTs.

Saleen Inc., celebrating its twentieth anniversary as a specialty vehicle manufacturer, specializes in the manufacture of vehicles for enthusiasts that include technology developed from the Saleen/Allen Speedlab race team, eight-time winners of sports car racing manufacturer championships.

Saleen creates high performance vehicles for street and track, including the S7 supercar, the S281, the race/road SR and the N2O Focus. The company also produces and markets a broad line of performance parts as well as offering design, engineering and certification services.

The company, started by former racing driver Steve Saleen, began in 1983. Saleen used his business degree from USC, coupled with experience in his father's manufacturing business, to build the company. His passion for racing also played a part. Steve began autocrossing, then rapidly moved into SCCA pro series (Formula Atlantic, Trans-Am Championship) and then into Indy car racing.

By 1984, the first Saleen street car was ready for sale. It boasted special aerodynamics, an attractive and highly functional cockpit and a precise handling suspension package. The result was a car built as a limited edition model with individual serial numbers assuring authenticity. Later, demonstrating the car's performance, the company's race team brought home a victory for Saleen, Ford and sponsor General Tire at the 24-hour race at Mosport Park in Ontario, Canada.