From a press release issued by Team Hammer, Inc.:

Josh Hayes and Team Hammer, Inc., racing as Team Valvoline EMGO Suzuki, have reached an agreement which will see Hayes leave the team following the AMA National at Virginia International Raceway August 9-11.

The team and Hayes have negotiated a settlement of his contract.

“We think the world of Josh and wish him the best in everything he does,” said team owner John Ulrich. “We regret that we were not able to provide Josh with the combination he needed to fulfill his potential, and his expectations, in 2002.”