Team Caribbean and John Cutler Part Ways

St. Thomas, USVI---May 21---Team Caribbean officials announced today that John Cutler is no longer involved with the America's Cup challenge syndicate by mutual consent.  Differences over residency and design philosophy were cited as the major reasons for the termination of employment.

"John and his wife moved off the island last December and returned to his home in New Zealand," explained syndicate management. "We tried to make it work, but the distance and communication problems were just too great.  Our sail training and design programs, both of which John played a part in, were impacted. We both agreed it would be best for all concerned if Team Caribbean moved forward without John's services."

Team Caribbean co-founder and skipper Peter Holmberg is currently evaluating a number of applications from U.S. sailors with big boat and/or America's Cup experience and an announcement of Cutler's replacement is expected soon.

Team Caribbean is one of sixteen official challengers for the next America's Cup which will begin with the challenger races in October of 1999 in Auckland, New Zealand.  Team Caribbean's major sponsors include Topa Equities, Ritz-Carlton of St. Thomas, Texaco Caribbean, GANT USA, and a number of regional companies doing business in the U.S. Virgin Islands and Puerto Rico.