Saleen 435S Mustang - Click above for a high-res image gallery

It's been an up and down week for Saleen Performance Vehicles, the newly formed company owned by MJ Acquisitions. Just last week Saleen just launched the 435S, their first model based on the 2010 Mustang, but only days before they were slapped with a lawsuit filed by Steve Saleen demanding that they stop using the Saleen name.

While Mr. Saleen claims the lawsuit was filed to "protect the name, reputation and brand value of Steve Saleen", Saleen Performance Vehicles claim they have every right to use the name after purchasing assets from Saleen, Inc. including the "Saleen brand for superchargers, aftermarket parts and high performance vehicles." Despite the lawsuit, SPV plans to continue developing its lineup of performance Mustangs, and should launch a second vehicle some time in the fall.

As for the lack of warranties for vehicles and parts sold before February of 2009 created by the sale of assets, SPV states that they are "working to resolve past warranty issues and have every intention of going forward with a warranty policy that will provide confidence to all our valued stakeholders." It's a fairly vague statement, but somewhat encouraging and most definitely a step in the right direction. You can read the full statement from Mike Shields, SPV's President and CEO after the jump.

[Source: Saleen Performance Vehicles]



To note:

• In February, 2009, MJ Acquistitions purchased many of the assets of Saleen Inc., including the rights to the Saleen brand, and certain assets relating to Saleen's supercharger, aftermarket and high performance street vehicle businesses.

• That part of the company is now doing business as Saleen Performance Vehicles, as a member of the automotive technology enterprise that also includes Power-Tec Engineering, Cyltec, Control-Tec, and Arrow Racing Engines.

• Saleen Performance Vehicles is preparing to launch two, new Saleen high-performance 2010 Mustangs this year, including a vehicle later this week during Mustang Week activities in Myrtle Beach, SC.

• Steve Saleen officially left Saleen, Inc. in 2007.

Statement from Mike Shields, President and CEO of Saleen Performance Vehicles:

TROY, Mich., July 20 -- "We're dismayed by the lawsuit that was filed this weekend by Steve Saleen, and even more disappointed by the fact that it appears to be an attempt to disrupt the debut of our new Saleen vehicle this week.

"Our company's purchase of certain assets in February entitles us to use the Saleen brand for our superchargers, aftermarket parts and high performance vehicles, and we look forward to continuing the legacy of great Saleen products that fulfill the brand promise of 'Power in the Hands of a Few.'

"While this lawsuit is an unfortunate minor distraction, our dedicated team of enthusiasts is excited about not only the launch of our exciting new Saleen car later this week, but also on working closely with our loyal dealers and customers to ensure their satisfaction. As I stated last week during a media teleconference, we are working to resolve past warranty issues and have every intention of going forward with a warranty policy that will provide confidence to all our valued stakeholders.

"The Saleen Performance Vehicles brand is not about one person. It represents a legacy of high-performance vehicles that has developed over the past quarter century, and we feel privileged to be entrusted with that legacy going forward. Everyone in our company takes that responsibility seriously. That's why we're so enthusiastic about the future of our company, and why we can't wait to begin its latest chapter this week at Myrtle Beach."

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