The press release indicates that their actions are in response to, “the recent extreme downturn in the world’s banking market”. It further states that GReddy will not be exhibiting in this years SEMA Show.

Although much of the products from TRUST and GReddy are developed and manufactured with newer makes and models in mind, they still manufacture and sell performance parts for older makes and models. In addition, many Japanese classic car enthusiasts swap out factory engines for more favorable late models, so news of a large aftermarket manufacturer potentially failing would upset the industry.

TRUST has been in business since 1976 and founded GReddy in the U.S. in 1994.

PRESS RELEASE

GReddy looks forward to continuing to provide quality high performance parts for years to come.

IRVINE, CA
OCTOBER 10, 2008

To insure the long term survival of the GReddy brand in the USA, GReddy Performance Products, Inc. has opted to file for Chapter 11, Reorganization, on October 10, 2008.

GReddy sales, customer service, R&D and operation will continue to conduct business as usual, through this process. The flow of inventory and new products will continue and will not be affected. Normal GReddy operating hours will remain as before.

This reorganization change is result of last month’s Minji-Saisei-Hou filing of GReddy’s parent company TRUST Co. LTD. in Japan. Although TRUST has now returned to production, and GReddy Performance Products has maintained normal business practices, the recent extreme downturn in the world’s banking market has made this option the best prospect for continued operation and expansion of the GReddy brand.

It is also in the best interest of GReddy’s future to join some of GReddy’s competitors in the industry, in not exhibiting in this years SEMA Show. The withdraw is regretful, but necessary. This does not however mean development and construction of new products and demo vehicles which were planned to debut at SEMA will stop. Instead, GReddy plans on releasing news of these items through other media outlets very soon.

GReddy Performance Products, Inc. and it’s staff would like to thank all the kind well-wisher, customers and industry associates for their support in these challenging times. GReddy looks forward to continuing to provide quality high performance parts for years to come.