POWERSPORTS ENTERTAINMENT, INC. SUSPENDS
AND CANCELS 2008 WPSA ATV RACING
Minneapolis, MN, May 1,
2008. PowerSports Entertainment, Inc.
announced today that it is has suspended
corporate operations and as a result the WPSA
2008 PowerSports ATV Tour race schedule is now
"All of us here at the WPSA regret that we
have no choice but to suspend operations and
cancel the ATV tour at this time," said Rick
Murphy, CEO of PowerSports Entertainment Inc.
"We have been working diligently for many months
to fundamentally improve our business model and
acquire financing that would allow us to move
forward, but we were not able to consummate the
contemplated transactions and we foresee no
significant increases in sponsorship or event
revenue that would gap the projected deficits"
"While the company is considering a variety
of options, none of these options would happen
quickly enough to justify running the WPSA
Championship ATV Tour according to our
established standards and we believe that it is
best to cancel the 2008 ATV season rather than
attempt a watered down version," said Scott
O'Malley, President of PEI. Adding, "We are
attempting to find remedies that would allow us
to resume operations, but at this time we have
no firm solutions. Hopefully we will be
successful in our endeavors."
"On behalf of Rick, Scott, Tes, myself, the
WPSA staff, our volunteers and everyone else who
worked their tails off to make the last two
seasons happen, we offer our heartfelt thank you
to the sponsors, our TV production company, the
track owners & their local crews, the team
owners, and all of our racers, parents and
families who supported us so strongly," said
Kent Lungstrom, EVP of PEI. "It deeply saddens
all of us that we are not in a position to
continue at this time and we regret that we have
to shutter such a great series after much too
short a run."
PEI may issue public announcements from time
to time in the future as conditions warrant.
About the PowerSports
The PowerSports ATV Tour is North America's
premier professional ATV racing circuit,
featuring QuadMX, QuadTerrain and SuperSport Pro
series action as well as more than 20 amateur
classes for adults, women and children. The Tour
is sanctioned by the World PowerSports
Association, North America's most respected
snowmobile and ATV sanctioning body, and a
promoter of ATV and snowmobile racing on both
the regional and national level.