N.Technology has officially confirmed the suspension of its participation in the World Touring Car Championship and revealed that the company is to put into liquidation.
Following a meeting of its board of directors, the company revealed that it had been forced into the decision after 'taking into consideration some of the manufacturers decisions to postpone the terms of participation into the sporting activities under discussions, as well as the worldwide critical economical state'.
The assets used by the team in recent years in both the WTCC and national championships will now move to the Spanish team Campos Racing, which has long been linked with a move to run the team's Honda Accord in 2009.
Under the terms of the agreement, N.Technology will supply the technical equipment, experience and Honda Accord cars to the prestigious team led by the former-F1 driver Adrian Campos, in view of a possible entry in the 2009 WTCC.
N.Technology is completing the construction of new Formula Master single-seaters ordered by three new teams for the 2009 season and is also finalising the update kits for the 2009 Formula Master cars, as defined in its agreement with the organisers and promoters of the Formula Master Series, MSC Organisation Ltd. All cars and kits will be delivered in time for the first official testing session in 2009 on 1-2 March in Valencia, Spain.
Despite the announcement, the company will be able to evaluate and pursue future opportunities within the international automotive market.
The announcement also frees up driver James Thompson to pursue other opportunities for 2009, with the Briton having already tested with the Team Dynamics BTCC team over the winter.