Indiana corn farmers say the agreement comes as the industry deals with lower margins and a credit crunch.

Press Release

INDIANAPOLIS, Ind., (December 1, 2008) — Indiana corn farmers are deeply disappointed that the Indy Racing League (IRL), headquartered in Indianapolis, has decided to promote foreign-made ethanol from Brazil.

IRL officials are expected to sign a major contract with the Brazilian government to use the race car series to promote the country’s ethanol starting with the 2009 season.

This move by the IRL - which for the last three years has promoted itself as the only major racing series to use American-made ethanol - comes as American farmers and the U.S. ethanol industry are struggling with lower margins and a credit crunch.

“It is unfortunate that the IRL has chosen to promote imported ethanol at a time when we, as a country, are working hard to lessen our dependence on foreign sources of energy and have an industry that has the capacity to meet all U.S. ethanol needs,” said Mike Shuter, president of the Indiana Corn Marketing Council (ICMC). “The U.S. ethanol industry and U.S. corn farmers have been strong supporters of the IRL - not only promoting the series as it moved towards ethanol but also pumping funds into it.”

“While the IRL maintains that U.S. ethanol will be used in 2009, we seriously doubt that the Brazilian government would be committing millions of dollars to the series unless the promotion of Brazilian ethanol was a major component of the sponsorship,” added Shuter.

“It’s very frustrating that the IRL made this decision without giving U.S. corn growers any prior notice of their plans,” said ICMC farmer-director Mike Nichols who also sits on the National Corn Growers Association’s ethanol committee. “It’s hard to imagine that the Indianapolis 500 will be promoting an imported fuel next year and possibly running on Brazilian ethanol in future years.”

Shuter added that the ICMC, which is the state’s corn checkoff organization, will continue working hard to promote domestically-made corn ethanol which supports the creation of jobs and boosts local economies.

“We encourage the citizens of Indiana to make your opinion known to the IRL if you feel this decision was a mistake and not in the best interest of our country, Indiana farmers, and the local economies that benefit from the growing ethanol industry in our state,” said Shuter.

The IRL can be reached by phone at 317-492-6526 or by e-mail at www.indycar.com/contact

Source: Indiana Corn Marketing Council