From a press release issued by Clear Channel Communications:

MOUNTAIN DEW NAMED TITLE SPONSOR OF NBC & CLEAR CHANNEL’S NEW ACTION SPORTS FRANCHISE

Dew Action Sports Tour Set for 2005 Launch; Dew’s National Free Flow Tour Becomes Official Amateur Series

NEW YORK – July 12, 2004 – Mountain Dew, a brand synonymous with the phenomenal growth of action sports, has agreed to a long-term agreement to become the title sponsor of the Dew Action Sports Tour. The first-ever, season-long, nationally televised — network and cable — professional Tour for skateboarding, BMX, and freestyle motocross, the Tour was announced last March and is owned and operated by NBC Sports and Clear Channel Entertainment’s Motor Sports division.

The Dew Tour debuts in May 2005 and boasts five major, multi-sport Tour events, the biggest competitive purse in action sports, a Million-Dollar Bonus Pool based upon year-end standings, and the largest network and cable television broadcasting commitment ever. John Galloway, Director of Sports for Pepsi-Cola North America, and Wade Martin, General Manager for the Dew Action Sports Tour, made the joint announcement.

“We are thrilled that we’re partnering with NBC and Clear Channel to be the title sponsor of the Dew Tour,” said Galloway. “This will help grow action sports across America, and that’s great for the sports, the athletes and all the brands involved.”

As part of Pepsi’s agreement with NBC and Clear Channel, the Dew Free Flow Tour, a 16-city, amateur grassroots skateboarding event that began in 2002, will become an integral part of the Dew Action Sports Tour as the official amateur and development tour, designed to foster the growth and grassroots infrastructure of these sports.

Mountain Dew has been aligned with action sports since the early 1990s and has become the leading non-endemic brand in this space. A long-standing sponsorship commitment to ESPN’s X Games franchise and the Vans Triple Crown Series since their inception represents Mountain Dew’s ongoing dedication to action sports athletes and fans. Mountain Dew sponsors many of today’s top action sports athletes, including Shaun White (Snowboarding / Skateboarding), Hannah Teter (Snowboarding), Luke Mitrani (Snowboarding) and Allan Cooke (BMX).

“Attracting Pepsi’s powerful Mountain Dew brand as the title sponsor of the pro tour is the greatest testament to the Tour’s credibility,” said Martin. “Mountain Dew passionately shares our commitment to help grow these sports, and has long been considered a pioneer in action sports and ‘best in class’ in terms of sponsorship activation. With Mountain Dew’s support, marketing power, and rich action sports heritage, NBC and Clear Channel have partnered with the ideal brand to launch and build the Dew Action Sports Tour for the growing legion of competitors, fans and TV viewers,” said Martin.

A series of five major events, the 2005 Dew Action Sports Tour will consist of multi-sport and entertainment festivals covering over one million square feet in both indoor and outdoor venues. In addition to the primary sports of skateboarding, BMX, and freestyle motocross, each tour stop will feature a “specialty comp” such as super moto, surfing, inline vert, or wakeboarding, depending upon local interest. Overall Tour winners in skateboarding (street and vert), BMX (street, dirt & vert) and freestyle motocross will be awarded each year with a Dew Cup. Key lifestyle elements will include live cutting-edge music, video gaming, and interactive events (skateparks, dirt courses). The Dew Action Sports Tour is in active discussions with over 20 major markets, and 2005 Tour cities and dates will be announced at a later time.

NBC, which had announced 16 hours of network coverage, has increased its 2005 Dew Action Sports Tour coverage plans to 19 hours of primarily live coverage. A cable broadcast partner, and programming plans will be announced at a later date.

Clear Channel Entertainment – Motor Sports will be an integral partner on the Dew Action Sports Tour, lending its considerable expertise in live event touring and promotion, including a wide range of off-channel assets including Clear Channel’s Radio, Outdoor and Music divisions.

The Dew Free Flow Tour, a grassroots amateur skateboarding series, will bring jam-style contests to U.S. skate parks this summer. New for this year’s tour is the first-ever Free Flow finals event at California’s Encinitas YMCA Skatepark, bringing together all 39 winners from this year’s tour.

NBC Sports Ventures

NBC Sports Ventures, the business development arm of NBC Sports, produces 80 hours of programming annually for the NBC Television Network including the American Century Celebrity Golf Championship, The National Dog Show Presented by Purina, Jeep World of Adventure Sports, AVP Tour, The ADT Golf Skills Challenge, Office Depot Father/Son Challenge & the Budweiser Boxing Series.

Clear Channel Entertainment – Motor Sports

Clear Channel Entertainment – Motor Sports owns, produces and promotes specialized, motor sports events primarily staged in stadiums and arenas. The company stages over 600 events per year and produces over 250 hours of television programming, featuring such premier properties such as THQ World Supercross GP/THQ AMA Supercross Series; USHRA Monster Jam Presented by Ford Trucks & Advance Auto Parts; Hooter’s IHRA Drag Racing Series & IFMA Freestyle Motocross. Clear Channel Entertainment-Motor Sports, a division of Clear Channel Entertainment, is a subsidiary of Clear Channel Worldwide (NYSE: CCU), a global leader in the out-of-home, advertising industry.

Pepsi-Cola North America

Pepsi-Cola North America (www.pepsi.com), headquartered in Purchase, N.Y., is the $4 billion beverage division of PepsiCo, Inc. (www.pepsico.com) in the United States and Canada. Its U.S. brands include Pepsi, Diet Pepsi, Pepsi Twist, Pepsi ONE, Pepsi Edge, Wild Cherry Pepsi, Pepsi Vanilla, Mountain Dew, Mountain Dew Code Red, Mug, Sierra Mist, Slice, Aquafina, SoBe and Dole single-serve juices. The company also makes and markets North America’s #1 ready-to-drink iced teas and coffees, respectively, via joint ventures with Lipton and Starbucks.