Valdosta-Lowndes County Industrial Authority Announces Premier Ford Performance Parts Manufacturer

Valdosta, GA, March 18, 2007 - The City of Valdosta, Lowndes County, and the Valdosta-Lowndes County Industrial Authority is pleased to welcome Steeda Autosports to South Georgia and the Valdosta-Lowndes County community. The company, currently located in Pompano Beach, Florida, will relocate its corporate headquarters and production facility to Valdosta and will make an investment of over $10 million in a new state-of-the-art facility and high tech robotic computer numerical control (CNC) and additional cutting edge equipment.

The company's announcement decision is strong evidence of an effective Industrial Authority marketing campaign targeting top-tier companies in Florida and California. Brad Lofton, Executive Director, notes that Georgia is rapidly becoming a destination state for high end manufacturing and logistics projects. 'By locating in Valdosta-Lowndes County, Steeda will have the benefit of the twenty (20) million Floridian consumer market within one day's truck drive, while simultaneously enjoying the pro-business advantages of being in Georgia. Low insurance premiums, utility rates and aggressive state statutory benefits were all critical decision-making components.' Valdosta Technical College was also a major draw for the company.

Ford Motor Company has named Steeda Autosports as its Number 1 Performance Aftermarket Company, in the 38 billion dollar performance market. The company works directly with Ford on the SEMA Technology initiative for engine calibration and performance aftermarket parts. As a Ford Motor Company licensee, Steeda Autosports manufactures a variety of parts with the Ford logo. The company manufactures performance engine parts, chassis components, drivetrain parts, exterior and interior restyling parts for Mustang, Focus, F-Series and Fusion vehicle lines. Steeda also produces serialized Steeda vehicle, like the Q Series of Mustangs.

In addition to the manufacturing facility, the complex will also serve as a distribution center for Nitto tires as well as leading performance aftermarket products, like Tokico struts and shocks, Baer brakes and JBA and Magnaflow performance exhaust systems.

Steeda will initially hire between forty and fifty (40-50) employees ramping up to over one hundred (100) within thirty-six (36) months. The average wage is significantly above the state average manufacturing wage and will include mechanical engineers and professional personnel.

John Peeples, Chairman, Valdosta-Lowndes County Industrial Authority, stated, 'Steeda represents everything the Authority looks for in a prospect: strong economic investment, significant employment covering a wide array of skills and opportunities at above-average compensation, diversification of the local economy, and a presence that expands this community's significance on the state, national, and global level. The fact that Steeda enjoys a strong reputation for being an outstanding corporate citizen ices the cake.'

'We are pleased to welcome Steeda to Georgia,' said Ken Stewart, commissioner of the Georgia Department of Economic Development. 'The company's decision to locate in our state is an excellent testament to our strong partnerships and rich resources for business.'

The project will locate on twenty-five (25) acres within the Industrial Authority's Azalea East Industrial Park across from Letica Corporation.