In a brief statement, Chrysler has announced that the Global Engine Manufacturing Alliance (GEMA) is now entirely owned by the U.S. automaker, with both former partners, Mitsubishi and Hyundai, having sold their parts of the company.

This may sound like a dull bit of business news, but it could most certainly have a big impact on some of the coolest engines on the planet. Sure, the engines that originated from GEMA have found there way into less exciting vehicles like the Chrysler Sebring, but the same engines have also been the backbone of cars like the Mitsubishi Lancer Evolution (pictured above) and Hyundai Genesis Coupe 2.oT. The high-powered Caliber SRT4 also used a version of a GEMA engine.

Three basic engines have come out of GEMA with displacements of 1.8, 2.0 and 2.4-liters, many of which were fitted with turbochargers and superchargers to make as much as 300hp.

There is no word if the end of the GEMA partnership could affect future Hyundai and Mitsubishi powertrain developments, but you can be sure the decision had a lot to do with Chrysler’s new Fiat ownership.

Official release after the jump:

The Jim Russell Racing Drivers School is launching a new Mitsubishi Lancer Evolution driving experience. Participants will be able to get behind the wheel of Mitsu’s amazing new EVO X on one of America’s best race tracks, Infineon.

Along with a classroom component, drivers will be able to pilot the track-ready EVO while they develop their racing technique, car control skills and get some serious speed out on the track.

“Deciding to work with Mitsubishi Motors for The Lancer Evolution program was an easy choice,” said Chip Pankow, president of Jim Russell Racing Drivers School. “We have been using the 4G63 engines in our Lola-built school cars and found them to be exceptionally reliable. The launch of The Jim Russell Lancer Evolution Experience strengthens our position as the leader in delivering new concepts and deliverables for automotive manufacturers seeking to broaden their customer base.”

Mitsubishi will officially announce the new school program on July 11 at the annual Mitsubishi Owners Day (M.O.D.), held at the Japanese automaker’s Cypress, Ca offices. There will even be a draw for the first seat in the Jim Russell Lancer Evolution Experience. Jim Russell puts the value at $1,000, but thrashing an EVO X at Infineon is practically priceless.

Official release after the jump: