October 23, 2003 Re: Mercury’s 2004 Offshore Race Support
Dear Race Customers, Boat Builders and other interested parties: We know there are questions about Mercury Racing’s intentions for the 2004 offshore race season. The purpose of this correspondence is to clarify our position. Neither Mercury Marine nor Mercury Racing will be returning to APBA Offshore Power Boat Racing, LLC in 2004. Rationale: Mercury rarely sponsors individuals or organizations. When it does, it is for business return. We are part of a public company and have shareholders to whom we are accountable. Mercury Racing’s decision to leave APBA Offshore Power Boat Racing LLC centers upon our belief that the LLC failed to deliver upon its promotional commitments to Mercury. Mercury is unwilling to continue to pay for promotion we don’t receive. We have chosen not to enter into further negotiation with the LLC because we do not believe the outcome would be different. Remaining Season: Through the end of the 2003 offshore racing season, Mercury Racing will attend APBA Offshore Power Boat Racing LLC events to support its customers with racing support staff, parts and equipment. Next season, we will attend another race venue, with an established series of race sites, in which our products are allowed to compete. Sincerely,
Fred Kiekhaefer President, Mercury Racing Division Mercury Marine