Here is the full press release from Michael Worrell:
PRESS RELEASE

The management of the Worrell 1000 regrets to announce that the 2003 Worrell 1000 is cancelled. A key investor defaulted on his financial commitment to fund the acquisition of charter boats and subsequent efforts for alternate financing simply ran out of time. Neither Bimare Catamarans, the North American Bimare Distributor, W.F. Oliver, nor the F-18HT class share any responsibility in this matter.

Worrell 1000 management will now focus completely on making the 2004 Worrell 1000 the most successful event ever. The 2004 race will start on Sunday, May 9 and finish on Saturday, May 22 and will be sailed on the Nacra F-18, a Formula 18 class boat manufactured by Performance Catamarans of Santa Ana, CA. http://www.performancecat.com
As special compensation for those teams who paid their Worrell 1000 entry fees for the 2003 race in compliance with the rules of entry schedule, a special discount will be made for the 2004 event. Teams leaving the $5,000 entry fee on file in our escrow account shall receive a credit of $3,000 dollars toward next year's entry fee.

To receive a FULL REFUND send a request in writing to:

Worrell 1000
P.O. Box 446
Virginia Beach, VA 23458-0446

Teams that receive a FULL REFUND will still be credited $1,500 towards next year's entry fee which includes three rooms, vehicles, charter boat, and safety package.

Rental Vehicles
http://www.worrell1000.com/penske.html

Hotels
http://www.worrell1000.com/c_checkpointinfo.html#end

With my most sincere regrets,

Mike Worrell
Race Director / Founder
Worrell 1000
Post Office Box 446
Virginia Beach, VA 23458-0446
U.S.A.
Telephone: 757-422-1000
Facsimile: 757-422-1099
Web Site: http://www.worrell1000.com
Email: [email]mworrell@worrell1000.com [/email]