Breaking News: Saleen Owners and Enthusiasts Club/Saleen Forums News

March 4, 2009 — Irvine, California — Less than a month after the “sale of certain assets” by Saleen Inc. to MJ Acquisitions — a deal to which the details still remain unclear — Saleen Inc. prepares to announce that it is unable to honor any warranty claims on its vehicles and aftermarket parts.

Immediately following the sale, it seemed that it was “business as usual” for Saleen owners, since some were reportedly receiving support for warranty claims through dealers, as well as directly from employees of MJ Acquisitions, but that is no longer the case and they are now referring inquiries to Saleen Inc.

While production of vehicles had been stalled for some time, its aftermarket parts business under the Speedlab brand also picked up where it left off before the sale. MJ Acquisitions stated in the sale announcement that it was exploring its options for the 2010 model year Ford Mustang under the Racecraft brand initially, and to hopefully follow with the S Series.

Plans for the future of the Saleen branded vehicles are now more unclear, though MJ Acquisitions stated it will continue to produce service parts, performance accessories, and develop new products through its Speedlab department.

Saleen Inc., whose headquarters was moved from Irvine to Troy, Michigan last year, is still majority-owned by Hancock Park Associates, which also owns ASC Global. Following the sale of certain assets to MJ Acquisitions, the company stated it continued to seek a buyer for its sophisticated paint facility, the S7 supercar program, and the S5S Raptor concept program.

While Saleen Inc. CEO Chris Theodore stated in a press release regarding the sale, “This influx of new life into the Saleen, Racecraft and Speedlab brands is a win-win situation” and he continued to note that loyal Saleen customers, dealers and enthusiasts can look forward to an exciting transition period, he has now left the company.

Furthermore, various other assets, including the prototype Racecraft Focus RC2 are up for sale.

The Saleen Owners and Enthusiasts Club (SOEC) has confirmed that Saleen Inc. prepares to draft a formal communication regarding the company’s inability to honor warranty claims, and SOEC will report the details online at as soon as they are made available.

SOEC, founded in 1991, is the premiere organization for Saleen owners and enthusiasts, with thousands of members worldwide.

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