SHANGHAI, China, Sept. 26 /PRNewswire-FirstCall/ -- Tank Sports, Inc
(OTC Bulletin Board: TNSP - News), today announced that it has concluded a Letter of Intent to acquire People's Motorcycle International Company Limited (PMI), a British Virgin Islands company that has manufacturing facilities in Pudong, Shanghai. Tank Sports intends to purchase 100% stock of PMI by issuance of 4 million shares of Tank restricted common stock (SEC 144 shares) and 1.5 million warrant coverage to PMI shareholders.

PMI/Dazon incorporated in June of 2001 in BVI and is currently distributing products in six continents, including the establishment of a global Sales & Support Center located in Tempe, Arizona, USA in June 2002. Since its inception, PMI/Dazon is recognized as one of the world's foremost Buggy/go-kart developers and manufacturers, with products ranging from 90cc-1100cc engine displacement, with special emphasis and focus on EEC and EPA approved buggies and go-karts. PMI's core competency has been built on research and development, continuous improvement, quality and customer service, and utilizing a strategic global management team with extensive Western educational backgrounds. All products, with a trademark of DZ (Dazon), from PMI are EPA/CARB/EEC certified with production quality endorsed by ISO 9001-2000 and CCC (China Compulsory Certificate on Product Quality). PMI/Dazon also holds multiple design patents, both in the US and China.

Mr. Jiang Yong Ji, CEO of Tank Sports, says, "PMI is a leading Buggy/go-kart manufacturing company that has stronger R&D capacity, product and market compatibility working along with Tank's current product lines. PMI has a visionary management team who not only have roots in the Chinese motorcycle industry, but a better understanding of the industry globally. The geographic location and market exposure of PMI in China will further extend the Tank manufacturing base from the Southern to the Middle part of China, where the country's highest population density is located. The proposed stock acquisition will further enhance Tank's global growth strategy in the China sector and beyond. I, on behalf of all Tank associates, am looking forward to having PMI join the Tank organization soon."

Mr. Thomas Chia, the founder and CEO of PMI/Dazon, has over 30 years of executive management experience in the automotive industry from the US, Europe and Asia, indicates, "We are excited and enthusiastic about joining the Tank family. Tank's globally recognized brand name, along with its established supply chain infrastructure in China, will allow us to focus and capitalize on our engine technology R&D and take this opportunity to expand our branding capacity in the rapidly growing higher engine displacement market sector. The experience of our team in private companies and taking company IPO will be a significant contribution to Tank's business plan of taking Tank Sports into major stock exchange listing."

According to the LOI, Tank will begin custodial operation in PMI's Shanghai operation, and start due diligent investigation of both legal and accounting. Both parties agree to initiate drafting a definitive stock purchase agreement after initial due diligence is done.

Safe Harbor Statement

The foregoing news release includes numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The federal securities laws provide a limited "safe harbor" for certain forward-looking statements. Forward-looking statements in this news release relating to business developments are based on the company's current expectations. The company's current expectations are subject to all of the uncertainties and risks customarily associated with a small business ventures including, but not limited to, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions. The company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.