September 24, 2002

Cunningham Motor Company sued by Briggs Cunningham III

Detroit, Michigan – John C. McCormack, Chairman and CEO of Cunningham Motor Company, announced the suspension of further development and engineering activities on the company’s Cunningham C-7 vehicle, an ultra-luxury grand touring car intended to compete with Aston-Martin, Ferrari, Bentley and other high-end vehicles.

In making the announcement, Mr. McCormack explained that a lawsuit had been filed by company co-founder, Briggs S. Cunningham III, against other co-founders, certain company management, shareholders, and professional advisors, and the effect of the suit was that company finance sources had withdrawn financial support for the project until the matter is resolved.

Mr. McCormack said, “We believe strongly in clarity, honesty and forthrightness in our business dealings. This is particularly vital to a virtual company, such as Cunningham Motor Company, because all of our suppliers and product development partners share significant risk with us, along with our bankers and investors. Over the past three years, a tremendous number of people worked very hard to make the C-7 project a reality. It is most unfortunate that the Cunningham family chose to express their concerns in this manner.”

The company’s attorneys said the suit is without merit and will be defended vigorously.

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