MEDIA RELEASE

HONG KONG FORMULA ONE POWERBOAT
GRAND PRIX RE-SCHEDULED FOR OCTOBER 2000

The most prestigious international sporting event to be secured for Hong Kong in recent years, the Formula One Powerboat Grand Prix, has been deferred to next year. The first Hong Kong round of the UIM F1 World Championship has been rescheduled for October 2000.

Commented Peter Wearing Smith, Chairman and CEO of organisers Grand Prix International Promotions Limited (GPI), "Hong Kong was confirmed at the end of 1998 as the venue for the ninth round of the 1999 UIM F1 World Championship. Although a number of prestigious companies have made firm sponsorship commitments, the total funding was not sufficient to stage the event to the professional standard which both Hong Kong and the UIM F1 World Championship rightly expect.

"Now, as Hong Kong and Southeast Asia emerge from the recession which has so seriously restricted spending on sponsorship, we anticipate that those companies already on board, along with other blue chip corporations, will be able to become associated with an event of this stature," he added.

"As this event is of such importance to both Hong Kong and the sport, a unanimous policy decision has been taken to hold the event over and use the platform of the new millennium to launch a new initiative to develop Hong Kong as a world class location for major international events," explained Wearing Smith, who added, "We at GPI are very encouraged by the synergy that has developed between the public and private sectors and the overall desire to establish this event as a highlight of Hong Kong’s international calendar".

The Hong Kong Formula One Powerboat Grand Prix has already received vital support from local organisations involved in the event, such as Tai Po District Board, the Regional Services Department, Marine Police, Marine Department, Hong Kong Police, Transport Department, Hong Kong Powerboat Association and many others.

Each round of the UIM F1 World Championship is broadcast to millions of households worldwide and receives substantial print coverage overseas. "It is a great disappointment that this year we will not have the opportunity to showcase Hong Kong to the world as the vivacious, international location that it is," added Wearing Smith.

The UIM (Union Internationale Motonautique), governing body of the F1 World Championship, has also expressed its disappointment at the cancellation of Hong Kong from the 1999 calendar. Commented Nicolo di san Germano, series promoter, "Hong Kong is one of the best locations we have seen for many years. All the teams, competitors, media and officials were looking forward to experiencing Hong Kong, and it would have made a spectacular addition to the calendar."

The Hong Kong Formula One Grand Prix 2000 will be held at the Tai Po Waterfront, an ideal location which has been highly praised by grand prix racers and UIM organisers alike. The 2.9km inshore circuit will enable around 100,000 spectators to watch the action free of charge.

The race programme, on 28 and 29 October, will feature two full days of watersport action, including exciting support races and other attractions.

To keep up-to-date with developments, visit the Grand Prix International Formula One Powerboat website at www.f1boat.net.

September 4, 1999

Issued by PR Plus on behalf of Grand Prix International Promotions Limited.

For further information contact Nikki Kemp (mobile 9104 6109) or Marco Tsang on telephone 2575-6995 or fax 2838-1260.