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$1.5 MILLION CHALLENGE ANNOUNCES AT THE SARATOGA AUTOMOBILE MUSEUM

December 1, 2005

For Immediate Release
Saratoga Springs, NY

The Saratoga Automobile Museum has the extremely rare opportunity to double $1.5 million thanks to a Challenge Grant offered by pro-active supporters of the museum. Successfully matching the Challenge is seen by museum trustees as the key to putting the multi-faceted facility on a sound financial footing for years to come.

According to Board President, Bob Bailey, the Museum spent $4.2 million from its inception through July 2005 to renovate the former Saratoga Bottling Plant. In Phase I of the Capital Campaign, $3.27 million was successfully raised toward these expenses.

The Museum has reached a major milestone. This past Spring, it successfully completed three years of providing outstanding exhibits, educational programs, and automotive events. With each busload of students, each family that visits and every group that holds an event at the Museum, the dedicated staff works to develop creative ways of meeting their educational needs and offering insight into the unique world of automobiles and technology.

ÏOur plans for the future are exciting and new ideas for providing more are endless. To allow programs to blossom and our foundation to strengthen, special friends of the Museum have provided a $1.5 million challenge to the Museum, its boards and its members, the community of automobile enthusiasts, and the Capital Region, to ultimately raise $3 millionÓ said Bailey.

For fiscal year 2005, the Museum is working hard to meet its budgeted expenses with income raised through admissions, programs and fund raising. This has been accomplished in a year when we have extended our educational programs and lectures to thousands.

In addition to the $3.27 million raised in Phase I, the Museum had to secure a loan for $2.5 million to meet operational expenses in the first three years of operations and cover the remainder of the capital expenses. These financial steps allowed the Museum to open its doors to the public in 2002.

Campaign Co-Chair and member of the Board, Dr. Jim Hoehn, said that the goal of the Phase II Capital Campaign will be to raise $3 million to retire the outstanding loan and anticipated interest payments projected through 2008. This will eliminate all debt.

The campaign committee will seek $1.5 million from the Board of the Museum, Museum members, automotive enthusiasts, and the business and community leaders of the Capital Region. The goal of the committee is to secure $1.5 million in pledges by December 2005 so that the $1.5 million challenge monies are received. The pledges may be satisfied over the ensuing three years.

Since opening the Museum has hosted several outstanding exhibits. This includes the well-received Summer 2005 Bugatti exhibit, which was on display in the Golub Gallery. In October the cars were rotated out to welcome the Supercars. The current exhibit has tremendous appeal for a wide audience.

The Campaign Co-Chairs, Jim Hoehn and Lewis Golub, and the Challenge Committee of the Board began efforts in August 2005. If you are interested in participating in this exciting challenge, contact the Development Staff at the Museum at development@saratogaautomuseum.org or (518) 587-1935 x 26.

The mission of the Saratoga Automobile Museum is to display significant cars, trucks, and vehicles that not only represent the automotive heritage of New York State but the entire world of motorized transportation. The Museum is chartered by the Board of Regents of the State of New York Department of Education and in addition to organizing permanent and temporary exhibits, the Museum hosts a variety of workshops, interactive displays, lectures, and outdoor shows.

The Saratoga Automobile Museum is located on the grounds of Saratoga Spa State Park at 110 Avenue of the Pines. For more information, guests can also visit the MuseumÌs website at www.saratogaautomuseum.org or call (518) 587-1935.