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St. Thomas, USVI - February 24, 1999 - Peter Holmberg's 1999 sailing season hits full stride beginning next week as he travels to Miami for the annual Southern Ocean Racing Circuit (SORC) and on to Los Angeles for the prestigious Congressional Cup match racing event.

The SORC is considered one of the top sailing regattas by veteran racers with top talent competing from all over the world in the latest high-tech racing machines. Once again, Holmberg has been hired to drive the Nelson/Marek 43 VIM III, the boat he sailed in last month's Key West Race Week. Peter will sail against some of the best sailors in the world all preparing for the biggest regatta of 1999, The America's Cup which begins in Auckland, New Zealand in October.

``I am very excited about rejoining VIM III in Miami next week. We had some of the best racing I have ever been involved in last month at Key West. Most of the same boats and skippers will be returning and I plan on getting some revenge," mentioned Holmberg who has been busy in recent weeks working with Team Dennis Conner and on local Virgin Islands marine related projects associated with the VI Challenge.

The SORC racing begins on March 3^rd and continues through March 7^th.

On March 8^th he will fly to Los Angeles to defend his title at the GRADE I CONGRESSIONAL CUP based at the Long Beach (CA) Yacht Club. This is one of the most prestigious events on the professional match race tour. Last year Peter sailed an impeccable regatta and won a narrow victory and the traditional Crimson Blazer, the 1 ^st of three match racing victories in 1998.

The Congressional Cup is one of the top 4 or 5 events in the world. This year there will be a tough field of skippers including World #2 Gavin Brady, #6 Marcus Wesier, #12 Luc Pillot, #14 Neville Wittey and America's Cup skippers Paul Cayard (America One) and Francesco De Angelis (PRADA Italy). There are no weak skippers in this event and the winner will have to sail fast and strong from start to finish in every race", mentioned Holmberg who is currently ranked #5 in the world so the competition will be tight.

Holmberg's crew for the Con Cup will include Kenny Read who signed with Team Dennis Conner last month as part of an afterguard. Read will be handling tactics and mainsail trim duties. Also on-board will be Ben Beer of St. Thomas, Matt Smith, John Gunderson, and John Gluek. Beer, Gunderson and Smith all sailed with the VI America's Cup team at last year's Mini-America's Cup Regatta in New Zealand. Read is a two-time Rolex Yachtsman of the Year.