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OLSON IN FORMULA RENAULT TESTING ACCIDENT

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For Immediate Release

January 5, 2006

Zhuhai, China – American race car driver Pete Olson celebrated New Year’s 2006 at 35,000 feet on a 747 over the South China Sea, on pain medication due to his massive high-speed crash in Formula Renault testing at the Zhuhai International Circuit just 48 hours before. After hauling 20 kilos worth of race gear across the infamous 1000 meter-long border crossing from Zhuhai to the exotic city of Macau to catch his plane, despite his bruised body, Olson was content to relax on the Eva Air flight and chat with the friendly stewardesses who have seemed to have taken a liking to the racing champion.

Olson has made quite a racing debut in Asia - through victory at Shanghai’s Formula One [F1] Circuit to a high-speed accident at the Zhuhai Circuit just a few days ago, despite the pain and the sacrifice, Pete Olson has shown a steadfast determination to reach the top in what is considered one of the highest-level auto racing series in the world: 280kph/174mph Formula Renault, the series that has launched several racing drivers directly from Formula Renault into F1 and Indy.

However, in what can only be called significant irony, just four years ago to the day, Pete Olson’s younger brother Matt died tragically. Olson said “If there is someone watching over me, it’s Matt. He has always been there for me, and always will be. He has taught me that there is nothing to fear.”

Olson lost control of his race car at over 200kph/124mph in one of the most difficult corners of the circuit.

“The new regs [regulations] require a Hans device [neck restraint as used in Indy/F1] for Formula Renault races” said the highly aggressive driver. “But, they don’t require one for practice. I figured it was no big deal…until I was spinning out of control at a couple of hundred kilometers an hour…I knew I would hit bad, and I knew there was nothing I could do about it. I remember I thought ‘Oh, s*#@, this is gonna hurt.”

Olson’s car impacted sideways in the high-G accident, crushing the left side pod and suspension, which snapped his neck to one side and caused mild spinal damage which resulted in the loss of feeling to the left side of the driver’s body for several days and left a permanent black scar on his ribcage.

However, the next morning Olson was back in a race car at the ZIC. “I found that hot showers and warming up the muscles helped” said the aggressive racer in typical brash understatement. “The next day I realized the value of the Hans device – 40kph faster I heard I could have snapped my neck, or worse, be crippled and not able to race anymore. But there’s nothing I can’t handle in a race car. I had to drive all right hand, right side muscles the next day after the accident. But I figure I should drop the US$1,000 for the Hans neck harness. It’s worth it to prevent something like a neck problem that would prevent me from getting back in the cockpit.”

Quite a statement from the hot shot American driver who seems to put racing before anything else.

Formula Renault is without a doubt one of the most exciting race cars ever built. With recent power upgrades, the exotic and aggressive-looking race cars reach a top speed of 280kph/174mph [photos], and 0-100kph [0-62mph] in 3.0 seconds. Formula Renault racing is the proving ground for the most highly competitive open-wheel racecar drivers in the world, having given current Formula One [F1] Championship competitors Kimi Raikkonen and American Scott Speed [www.scottspeed.com]their ‘Dream Shot’ into F1. Formula Renault combines F1 chassis and engine design with a carbon fiber monocoque [survival cell] produced in the same factory and made by the same manufacturer [ATR] that supplies the monocoque for famous six-time F1 Champions Team Ferrari.

Olson has definitely made his mark in Asia. Will he once again be spraying champagne from the top of the podium during the China Formula Renault Championship Series this year, in front of millions of motorsports television fans? No one knows the future, but one thing is certain: the determined racer definitely has the guts to reach the top.

For more information on Pete Olson, visit his website at www.peteolson.com.

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For more information contact:

Christian Children’s Fund

Media Relations Contact Agent for Pete Olson:

Jennifer Harter

JHarter@CCFUSA.ORG

Communications Associate

Christian Children’s Fund

2821 Emerywood Parkway

Richmond, VA 23294