SOURCE: Automotive X PRIZE

March 20, 2008 08:30 ET

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

Mayor Michael Bloomberg to Speak in Support of Initiative at 1:00pm Announcement

NEW YORK, NY--(Marketwire - March 20, 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

TO RECEIVE B-ROLL
BY SATELLITE:      Ku-BAND
                   Start/End Times:  1600 to 1615 & 1700 to 1715
                   Coordinates:      Horizons 2
                                     Transponder 2, Analog
                   Downlink Freq:    11760H
                   Trouble Contact:  973-632-9833

VISUALS:           A select number of teams with their vehicles, along with
                   representatives from the to-be-announced title sponsor
                   and high profile individuals from the public and private
                   sector will join the Automotive X PRIZE in the booth for
                   photos and interviews. Mayor Michael Bloomberg will also
                   be in attendance for the twenty minute press event.

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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