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CMKX Race Team News:

1. He defaulted for about 200k to the Dunn's team as well but they continued to race based on false promises from Ron and Urban. ( Confirmed, Ron Casavant will not be in the pits in Pomona)

2. He owes the ASA truck series about 3 million as he never paid them a dime for his sponsorship of the whole series.( Still seeking confirmation)

3. He still owed Lee Hatch a lot of money for this year and defaulted. ( Confirmed earlier this year after the article in the Daily Bulletin, reconfirmed that Urban still owes him.)

4. He never paid Connie Cohen any money this year and left them about 250k in debt . (Confirmed)

5. Ron and Urban are not picking up any of their phones since Saturday Oct. 22. (Confirmed)

6. Urban defaulted on his payment to Jeff Arend race team even though they had a contract together...he owed them about $650,000.00 that is why they stopped racing. (Confirmed)

Urban was able to bold face lie to these people to get them to contiunue to fly the CMKX colors. Their love of the sport and their belief in Urban caused them to lose a tremendous amount of Money. Seems everyone who is not family or Friends of Urban's loses money.

This weekend will be the final race of the season in NHRA. We already know that Jim Dunn refused to mention Urban name or the CMKX sponsorship in his pre race report. Jim Dunn has been around a very long time, he is well respected, and the racing comminuity is close, a Casavant in the pits may be an endangered species.

But where did it all start? We now know that CMKXtreme was initially funded by a 4 Million dollar transfer from CMKM Diamonds. From our understanding of events we know that Urban used CMKXtreme to fund/fail to fund;

- Jeff Arend in NHRA Nitro Funny Car.
- Tony Bartone in NHRA Nitro Funny Car
- Connie Cohen in Pro Stock Motorcycle
- Lee Hatch and Kevin Fedderson in ASA Speed Truck
- The Entire ASA Speed Truck Series
- Billboards at "The Strip" at LasVegas Motor Speedway
- Billboards at "The Super Speedway" during The Nascar event at Las Vegas Motor Speedway.
- And Finally a very interesting investment in Crystalix, a laser engraving company.

We have discovered that CMKXtreme invested 2 Million and Urban invested 1 million from one of his irrevocable trusts. These investments had set schedules of return. They may have gone bad or were never intended to go good from the start. Here is a link to the Crystalix 8K

http://biz.yahoo.com/e/050505/cyxg.ob8-k.html

Why was Urban funneling money out of CMKXtreme. If he was able to do it in this situation were their others that we are not aware of? Did he line his own pockets with money from CMKXtreme?

Those were questions asked by Beckstead and Watts. There should be procedures in place within a company to prevent this type of money transfer from one body to another, especially when both are owned by the same person. Beckstead and Watss felt obligated to report these transactions to the company and the SEC. In thier opinion there was "possible improper personal use of corporate assets".

Excerpt:"In performing our audit procedures, we have become aware of information relating to possible illegal acts, including (without limitation) the following:
We have received information relating to the possible improper personal use of corporate assets. Information we have uncovered indicates that Mr. Casavant may have caused CMKM to advance approximately $4 Million to the benefit of CMKXtreme, Inc. in the name of "promotion and advertising”. Based on the information provided to us, it caused us to question whether the use of the funds truly advanced the best interest of CMKM. Additionally, it appears that Mr. Casavant owns CMKXtreme, and that this may have been a related party transaction that may not have been presented to or approved by the Board of Directors of CMKM. We fully understand marketing issues raised by Mr. Stoecklein in his letter, but we are unaware how any such transactions benefited CMKM."

http://www.sec.gov/Archives/edgar/data/1092299/000107704805000422/ex99-2.htm

We are left with more questions.Was this 4 million the only amounts transfered to CMKXtreme?. Will we ever find out if there were other deals or other transfers? Will the promissory note from Crystalix, due on October 1, 2007, go to Urban, CMKXtreme or was it intended that this company will no longer exist then? What of the rig drivers, pit crew, and race drivers who have been left out in the cold by Urban, will they see any of that Crystalix money?

CMKXtreme may be broke, CMKM Diamonds Inc may be broke but I have a feeling that Urban is not. With the help of Roger Glenn, Urban has many Iirrevocable Trusts established and will be living the high life in Vegas for years to come.

I hope that those that Urban has screwed will be able to get access to those trusts and leave him like he tried to leave so many, broke.

I have lost a few thousand dollars in this adventure, But Urban has tried to take the livelyhoods of those that tried to promote him the most, the drivers and crews of the race teams.

BTW, did I mention UC is a Jerk