[Dan Semko]

This was relayed to me via Ron Kruger, the CEO of SPF International:
Ronnie Kruger, CEO of Superformance International, writes:



In a telephone call from London this afternoon, Jim Price informed me that he has closed down the AC Frimley plant that he had been putting back in production after he acquired from Alan Lubinsky, chairman of the AC Cars Group in August 2002, the right to take over the factory for his own profit or loss.



“At the time, he had also acquired from Lubinsky the sole rights to the intellectual property and tooling for the AC Autocraft brands built by AC cars. Since that time, he had patiently worked at getting the Frimley plant back into production. He had succeeded in doing this, enabling the plant to produce some aluminum bodied AC Mk II’s and Mk III’s. In addition, he had been working on plans to establish a US distribution network in order to introduce the AC brand in the USA.



Jim said recent speculation about the possible involvement of Lubinsky with interested parties in the US in spite of the agreement he already has with AC, had left him uncomfortable with his planned continued involvement with the AC brand, and he flew to London over the weekend to do an on-the-spot evaluation of the situation.



Jim said he has elected to discontinue all further involvement with the AC Group, because according to a statement by Lubinsky today, he has no intention of honoring the terms of the agreement they reached in 2002.. He said keeping the plant open but not in production whilst the legality of Lubinsky’s latest move is being tested in law is not a viable option, and he had no option but to lay off all the workers and close down the plant.



“I have taken legal advice and will be filing suit against Alan Lubinsky and the AC Cars Group for failing to meet the terms of the agreement, for damages and for monies owed to me,” he said.