NJMP files Chapter 11

[Phokaioglaukos]

FOR IMMEDIATE RELEASE:

NJMP Announces Reorganization Plan

Millville, New Jersey, March 7, 2011. New Jersey Motorsports Park (NJMP)

announced a reorganization plan that includes the restructuring of debt, addition of new

equity, and the filing of Chapter 11today, in a move that management feels confident will

secure the Park’s future operations. NJMP has additionally agreed to terms with its

primary lender that will enable it to restructure its debt through the bankruptcy filing.

NJMP Owner and Managing Partner Lee Brahin stated “Although the decision to file

Chapter 11 was a very difficult one, it was deemed necessary to protect future operations

and to allow the Park to continue providing employment and other economic support to

the local and regional communities.�?

“Our overall plan for the future is still sound,�? he continued. “Our renegotiated debt

financing will enable us to move forward with our existing operational plan, although we

will continue to reduce operating expenses and are in the process of renegotiating debt

with vendors. We are also receiving an infusion of new equity from certain investors,

which will bolster NJMP’s liquidity position.�?

NJMP General Manager Brad Scott stated that the realignment of debt will not affect

employment numbers, chiefly because needed reductions have already occurred.

“We wish to emphasize that none of these changes will affect our scheduled 2011 racing

and social events, Drivers Club Memberships, season passes, pre-event ticket sales, gift

certificates, deposits or any other NJMP operation,�? reported Scott.