Mitime Group Agrees to Extend UMC Management Agreement

Company withdraws from track purchase negotiations

TOOELE VALLEY, UTAH (January 23, 2017) — Utah Motorsport Campus, Inc., a subsidiary of the Mitime Group, which operated Utah Motorsports Campus (UMC, formerly known as Miller Motorsports Park) under a facility management agreement with Tooele County during 2016, has notified the Tooele County Board of Commissioners that it will agree to an extension of the existing facility management agreement through December 31, 2017.

“We are very excited to complete the agreement to continue managing Utah Motorsports Campus,” said UMC General Manager Willem Geyer. “The County has been great to work with, and we look forward to another exciting season.” Once the agreement has been signed by both parties, UMC will announce its 2017 season schedule.

However, at the same time Mitime Utah Investment, LLC, also a subsidiary of the Mitime Group, informed the County that it is withdrawing from negotiations to purchase the 511-acre facility.

In a letter dated January 20, 2017 from Xinggui Wang, Manager of Mitime Utah Investment, LLC, Mitime cited unexpected legal challenges that started with a lawsuit in 2016 enjoining Mitime from purchasing the facility, ongoing legal challenges delaying the County from selling the facility and losses incurred by Mitime due to the delay and by the strengthening of the U.S. Dollar relative to the Chinese Yuan.

“When the County has resolved the issues underlying the challenges to a sale,” Wang stated in the letter, “should the County re-offer UMC for purchase in a new sale, open to public bidding, Mitime may have interest in bidding.”

For additional information regarding Utah Motorsports Campus, visit the track’s website at www.UtahMotorsportsCampus.com.