Toyota Motorsport GmbH (TMG) announced today that Toyota Motor Corporation (TMC), TMG, and AVEX INC. have come to an agreement that names AVEX as a sponsor partner of Panasonic Toyota Racing.

Founded in 1988, AVEX is now one of the largest independent record companies in the world. Its business now expands to visual contents, IT and overseas operation.

The AVEX brand logo will be displayed on Panasonic Toyota Racing's F1 car, TF102, from the Monaco GP of the FIA Formula One World Championship starting on May 23, 2002.

The contract between AVEX and Toyota is a multi-year one, and both companies also plan to investigate new opportunities in events other than F1.

Mr. Tom Yoda, Chairman of the Board and Chief Executive Officer of AVEX INC., said: "We are delighted to join up with Panasonic Toyota Racing and have our brand name on the car representing two world famous brands, Panasonic and Toyota. We look forward to growing our brand, AVEX, worldwide, thanks to the success of the team."

Mr. Tsutomu Tomita, Chairman of TMG and Managing Director of TMC, also commented: "We are very pleased to welcome AVEX as a sponsor of Panasonic Toyota Racing. AVEX is a brand that enjoys fantastic popularity among the young generation. We are sure that AVEX fans will add to our worldwide supporters and benefit our two companies immensely. In order to meet the expectations of all our fans, we are committed to making further efforts in the development of Panasonic Toyota Racing."