Acquisiton of AmericaOne Signifies New Beginning; New Challengers Change Face of Game.

Sports & Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--Aug. 11, 2000

AmericaOne, the top-placing United States team for America's Cup XXX, sailing's most prestigious trophy, has accepted an offer from Larry Ellison owner of the racing yacht Sayonara and Chairman & CEO of Oracle Corp., the world's leading supplier of software for information management, to purchase substantial physical assets from AmericaOne. The purchase of assets and intent to challenge for the Cup in 2003 keeps a San Francisco-based team in the competition to challenge defender Team New Zealand. To date, four teams led by wealthy individuals appear ready to race with fully funded budgets of $80M/USD.

"After analyzing the environment surrounding the next America's Cup, we have come to the conclusion that our formula for funding the challenge would not allow AmericaOne the chance to win in 2003," explains AmericaOne, CEO Paul Cayard. "The America's Cup has entered into another era. In some ways it is returning to its roots -- Ellison, Bertelli, McCaw and Bertarelli are modern day Liptons, Sopwiths and Vanderbilts. These men are raising the ante for the Cup. This makes winning very difficult, if not impossible for a campaign that needs to sell itself. Since winning has always been the primary goal of AmericaOne, I could not recommend that AmericaOne challenge for the Cup in 2003."

Ellison's America's Cup XXXI Team has indicated a strong interest in working with the majority of the AmericaOne Team.

Upon conclusion of the agreement to sell substantially all of the AmericaOne assets to Larry Ellison, AmericaOne Chairman and Cup Veteran, George 'Fritz' Jewett remarked, "The Board of AmericaOne is satisfied that we have made a prudent and responsible decision. I think it is a great compliment to AmericaOne to know that what we have built with our excellent organization, staff and crew will serve as a strong foundation for Mr. Larry Ellison, a fellow St. Francis Yacht Club member."

Cayard concluded, "I think the 2003 edition of the Cup will be a fantastic event. Famous personalities waging war in high-tech sport. Hopefully, the sport will continue to grow in popularity."

Historical Background

The San Francisco-based St. Francis Yacht Club's challenger for America's Cup 2000 was formally established June 1, 1996. AmericaOne faced a grueling Louis Vuitton challenger's elimination series, competing as one of eleven challengers in Auckland, New Zealand for the right to race the defender Team New Zealand. Although the team emerged as the top US-contender it fell short of its ultimate goal, to win the Cup. Under Principal Designer Bruce Nelson's direction the AmericaOne Team built two boats based on four years of technology development and innovation. Top level technology partners included Hewlett-Packard Company, Telcordia Technologies, SAIC, Ford Motor Company/Visteon and United Technologies Corp.