SOURCE: Xtreme Motorsports of California, Inc.

March 15, 2007 08:30 ET

Xtreme Provides Update on Share Cancellation Initiative

BAKERSFIELD, CA -- (MARKET WIRE) -- March 15, 2007 -- Xtreme Motorsports of California, Inc. (PINKSHEETS: XTMS) ("Xtreme" or the "Company"), today provided an update on the status of its initiative to secure cancellation of approximately 47% of outstanding shares.

Of the approximately 394 million shares to be cancelled, approximately 259 million have been confirmed by the transfer agent as cancelled and retired. An additional 70 million shares, representing electronic book entry shares, which are considered the "float," are in the process of being eliminated from the Depository Trust Corporation (DTC) system, which should be completed before March 23, 2007. The final 65 million shares to be cancelled are being sent in from several shareholders from various localities, which may require up to two weeks to complete.

"Once the share cancellation program is completed, we will make available a PDF copy of Xtreme's share structure, certified by our transfer agent, available for download," commented Alan McCaa, CEO of Xtreme Motorsports. "Transparency to our shareholders is more than just a concept for us.

"By next week, we should also have an update for shareholders concerning the short position in Xtreme's stock as a result of our ongoing investigation. Our preliminary analysis of the imbalance suggests our stock may currently be shorted up to 40 million shares or more. If possible, we will make the evidence for this shorting available for shareholders to download in addition to our certified capital structure," concluded McCaa.

About Xtreme Motorsports of California, Inc.

Xtreme Motorsports is a manufacturer of custom and production-line sandrails, desert and dual sport racecars. Founded in 1983, Xtreme's sandcars have been sold to customers in England, the United Arab Emirates, Australia, South America and the US. For more information, visit the corporate web site

Forward-Looking Statements

Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements and takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.

Contact Information

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