INDIANAPOLIS, Monday, Jan. 7, 2002 - Northern Light Technology and
the Indy Racing League ended a partnership Jan. 7 that concluded the
company's sponsorship of the League's premier series after two seasons.
In January 2000, Northern Light signed a five-year agreement to sponsor
the Indy Racing Northern Light Series. Fundamental changes in the
economy and the financial markets forced Northern Light to re-evaluate
its business plan in late 2000. At that time, the company ended all of
its sponsorship activity except for its Indy Racing League program,
which it continued for another year.
"Northern Light played an important role in the progress the Indy Racing
League made in 2000 and 2001," said Tony George, president and CEO of
the Indy Racing League. "These have been our best years yet and have
prepared us for future growth. We understand the business challenges
Northern Light has been facing, and we admire the positive way it has
responded to those challenges."
Through the partnership, Northern Light CEO David Seuss and the company
have been enthusiastic partners with the Indy Racing League. Northern
Light was aggressive in working with other League and team sponsors to
cross-promote the series and their products.
"David Seuss continues to be one of the League's best advocates, and we
are very appreciative of his personal role in telling our story," George
said.
Seuss said his company's involvement with the Indy Racing league
significantly raised the brand awareness of Northern Light Technology,
the developer of the award-winning search engine www.NorthernLight.com
and a leading provider of enterprise
search solutions.
"During our tenure as title sponsor, Indy Racing has proven itself to be
the undisputed leader in open-wheel professional racing in the United
States," Seuss said. "The IRL formula for leveling the playing field,
controlling costs and promoting fan access has worked across the board.
Northern Light has been proud to contribute to the momentum and growth
of the series, and we are saddened by the necessity to scale back our
involvement.
"Everyone at Northern Light appreciates the hard work that the IRL
put into making our sponsorship a success, and we appreciate the
accommodation the IRL has shown in response to the environment that has
developed for Internet companies. The IRL is clearly better positioned
now than it was in late 1999 when we started talking to the folks at
Indy Racing, and a new title sponsor will be joining a series that is
riding a wave of success into the future."
Indy Racing League officials are discussing sponsorship opportunities
with several companies. A series sponsorship may not be in place until
2003.
"Strengthened partnerships with General Motors, Firestone, Infiniti and
the fact Marlboro, Red Bull and Hollywood have recently chosen the Indy
Racing League as a marketing platform proves interest in the series has
never been higher," George said. "But, it is more important for the
series to find the right long-term partner than it is to simply have a
title sponsor for next season. We're set to continue moving forward."
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