SALEEN INC. AIDS GIBBS AMPHIBIOUS CAR LAUNCH

July 1, 2008 — PLYMOUTH, Mich. —

Gibbs Technologies has awarded a $1-million, six-month manufacturing development contract to Saleen Inc. to support the launch of the company’s high-speed amphibious vehicles in North America.

Manufacturing design and engineering work for the Gibbs program will take place at Saleen’s development center at 1225 East Maple Road in Troy, Mich., according to Gibbs President and CEO Neil Jenkins.

Gibbs plans to introduce two high-speed amphibious (HSA) vehicles in the United States in late 2009 and early 2010 – a sporty car and an all-terrain vehicle.

The Gibbs Aquada is a vehicle that combines the handling of a sports car with an ability to travel up to 40 miles per hour (mph) or more on water and 110 mph on land. The company’s all-terrain vehicle achieves speeds of up to 40 mph on both land and water.

Jenkins said Saleen also will be incorporating several new features into the design of the Gibbs Aquada.

“Saleen is ideally suited to help Gibbs Technologies launch its high-speed amphibians,” Jenkins said. “The company is well-known for its proven ability to design, engineer and produce unique, high-performance vehicles.”

Saleen’s General Manager Bryan Chambers added, “A successful high-speed amphibian has been the dream of entrepreneurs, automotive engineers and car makers for more than a century. Gibbs has met the challenge with its amphibious-vehicle technology and we’re pleased to be partnering with them in the realization of that dream.”

Gibbs Technologies has operated from a temporary headquarters facility in Plymouth, Mich., for the past eight months. Jenkins said the company plans to announce the location of a North American research-and-development center and corporate headquarters in July.

Gibbs also expects to fill 30 engineering, purchasing, marketing and administrative positions for its North American operations before the end of the year.

The company is the world’s leading developer of HSA vehicles for consumer, commercial and military use. Additional information about Gibbs, its technology and amphibians is available on the Internet at www.gibbstech.com.

Since its inception in 1984, Saleen Inc. has produced more than 12,000 complete, EPA-certified vehicles — more than any other specialty automobile manufacturer. The company also has supplied equipment for more than 600,000 vehicles worldwide. Saleen has a manufacturing facility in Troy, Mich., and offices in Irvine, California. Additional information is available at www.saleen.com.

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