Octane Racing Group Incorporated has reached an agreement to act as the promoter of the Canadian Grand Prix, it has been announced.

The deal with Formula One Administration and Formula One World Championship Limited covers the period from 2010 to 2014.

"We are extremely proud and satisfied with the agreement reached last week with the F1 Commercial Rights Holder. I feel that both parties share an equal amount of trust and confidence that we will succeed with the return of F1 to Montreal's summer events calendar," stated Francois Dumontier, president of Octane. "Our intention is to maintain and enhance the tradition established in Montreal since 1978 by the previous promoters of the event.

"The F1 Grand Prix du Canada has always been a world-class event and extremely popular among racing fans from Quebec, Canada and abroad. The fact that Circuit Gilles Villeneuve is quite challenging to the teams and the drivers tends to produce a very exciting if not historically memorable event."

F1 boss Bernie Ecclestone is happy with the deal: "I am very satisfied with the agreement reached with Octane Racing Group to act as promoter of the F1 Grand Prix du Canada," he confirmed. "Fran?ois Dumontier and his team have all the necessary knowledge to deliver a great event to the North American fans and make a success of the return to Montreal of the FIA Formula One World Championship."

In recent months, Octane has established itself as the most experienced team in Canada in motorsport event promotions.

Dumontier, president of Octane, has been involved at the highest level of the F1 Grand Prix du Canada for much of the past 15 years and has gathered a team with a unique expertise to promote and organise such events.

Meanwhile Octane added that it wishes to 'acknowledge' the efforts of the Governments of Canada and Qu?bec, the City of Montr?al and Tourisme-Montr?al - and also thank Ecclestone for his backing.

"We especially see our agreement with the F1 Commercial Rights Holder as a great opportunity to demonstrate our capacity to be up to a great challenge, but also to help confirm the status of Montreal as one of the great venues for F1 racing," Dumontier added.

The 2010 Canadian Grand Prix will take place on June 11-13.