SOURCE: Automotive X PRIZE

March 13, 2008 07:00 ET

Automotive X PRIZE to Announce Title Sponsor and Multimillion Dollar Prize Purse at 2008 New York International Auto Show

NEW YORK, NY--(Marketwire - March 13, 2008) -


WHAT/WHY:      The Automotive X PRIZE, an international, multimillion
               dollar competition designed to inspire a new generation
               of viable, super-efficient vehicles, will announce its
               much anticipated title sponsor and multimillion dollar
               prize purse at the New York International Auto Show
               (NYIAS). This announcement signals the official beginning
               of the Automotive X PRIZE competition.

WHEN/WHERE:    Thursday, March 20, 1 p.m. EDT
               The New York International Auto Show; Crystal Plaza at
               Jacob Javits Center

VISUALS:       A select number of teams with their vehicles and
               representatives from the to-be-announced title sponsor
               will join the Automotive X PRIZE in the booth for photos
               and interviews.

THE GOAL:      The independent and technology-neutral Automotive X PRIZE
               competition is open to teams from around the world that
               can design, build and bring to market 100 MPG or equivalent
               (MPGe) vehicles that people want to buy and that meet
               market needs for price, size, capability, safety and
               performance.

RACE
PARTICIPANTS:  To date, more than 60 teams from nine countries have
               signed a Letter of Intent to compete for a share of the
               multimillion dollar prize purse and global publicity.

OTHER SHOW
ANNOUNCEMENTS: In addition to the major announcements of the Automotive
               X PRIZE title sponsor and multimillion dollar prize purse,
               X PRIZE officials will unveil new details on the entry
               process, rigorous cross-country stage races planned for
               2009 and 2010, and the process for becoming an Automotive
               X PRIZE Host City.

FOR PRESS WHO
CANNOT ATTEND: The Automotive X PRIZE will host an hour-long call for
               media to speak with X PRIZE Foundation CEO and Chairman
               Dr. Peter Diamandis and a title sponsor representative,
               scheduled for 3:30 p.m. EDT on March 20. Call 646-428-0612
               to RSVP.

ABOUT THE AUTOMOTIVE X PRIZE:

The Automotive X PRIZE is a project of the X PRIZE Foundation, which creates and manages prizes that drive innovators to solve the world's greatest challenges. The X PRIZE Foundation first captured world headlines in 2004, when Mojave Aerospace Ventures, led by legendary aircraft designer Burt Rutan and Microsoft Co-founder Paul Allen, built and flew the world's first private vehicle to space twice in two weeks to win the $10 million Ansari X PRIZE. The Automotive X PRIZE is being designed with the generous help of world-class experts, advisors and organizations who represent a broad and diverse group of interests and share the organization's concerns and goals. For more detail, see our advisors, supporters, and blog at http://auto.xprize.org.

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