Saleen Performance Vehicles (SPV) has just released its version of the 2010 Mustang, the 435S. The release of this 435 horsepower pony car comes just days after Steve Saleen announced he is suing SPV and its owner MJ Acquisitions for using his name.

For those not up to date on the continuing Saleen saga, Steve Saleen sold his company to MJ Acquisitions roughly a year ago and then promptly went out and opened up his own pony-car tuning shop, SMS Supercars.

But back to the 435S.

SPV unveiled that car during the Special Vehicle Team (SVT) Owners Association’s annual Mustang Week event.

The “New Saleen” designed the 435S to deliver a lot of performance for a reasonable amount of money (although pricing has yet to be released).

The 435S gets its power from a Saleen Series VI twin-screw supercharger and two-stage intercooler and along with 435 horses it delivers 425 ft-lbs of torque through a five-speed manual transmission with a 3.73:1 rear end and a much-needed limited-slip differential.

To help out in the handling department the car gets a full Saleen Racecraft suspension adjustment with new shocks, a stiffer front sway bar and springs that help the car sit 1.5-inches lower than stock. A set of 18-inch wheels comes standard with both 19- and 20-inchers available.

As for the look of the car we have to say we’re impressed, as the (optional) new front splitter and rear spoiler give a race-ready look. Inside there are also a few changes with a short-shifter, Saleen logos on the headrests and new gauges that keep the Mustang’s MyColor setup.

“All in all, we believe the 435S is the right car at the right time,” said SPV CEO Mike Shields. “It’s a terrific performance value that we’re proud to offer. And this is just the first of many great Saleen vehicles we’ll be launching in the future.”

GALLERY: SPV 2010 Mustang 435S

Official release after the jump:

PRESS RELEASE:

Saleen Performance Vehicles today unveiled its first 2010 product, the Saleen 435S, based on the new 2010 Ford Mustang. The introduction took place as part of the Special Vehicle Team Owners Association’s annual “Mustang Week” event. The 435S is the first vehicle launched under Saleen’s new ownership, following the purchase of Saleen Inc. earlier this year.

This car continues the Saleen tradition of offering limited-edition, high-performance vehicles for enthusiasts who are looking for an exhilarating driving experience, with refined drivability for real-world road conditions.

The 435S is designed to provide affordable, high-value performance.

“In these difficult economic times we wanted our first vehicle to deliver a lot for an affordable price,” said Mike Shields, CEO of Saleen Performance Vehicles. “It was created much more for ‘go’ than for show. We focused on power and handling, and it’s a great platform to build on if a customer wants to take it farther later on.”

Heart of the car’s performance is its 4.6-liter, 3-valve SOHC V8 engine, complete with a Saleen Series VI twin-screw supercharger and two-stage intercooler. This engine produces a vigorous 435 horsepower and 425 lb.-ft. of torque. It’s mated to a 5-speed manual transmission, and has a 3.73:1 rear axle ratio with limited-slip differential.

The car rides 1.5 inches lower than a Mustang GT, thanks to its Saleen Racecraft performance suspension. The system is designed to reduce body roll, provide nimble, precise handling and improve traction, while retaining the compliant ride of a good daily driver. The suspension package includes springs, a stiffer front stabilizer bar, and nitrogen-pressurized shock absorbers tuned exclusively for the 435S.

The vented brake rotors, front and rear, are slotted and cross-drilled for improved feel and stopping performance. Larger, 14-inch slotted front rotors with 4-piston calipers are available as an option.

The 435S has the Saleen-signature long, low, sleek looks and aggressive stance that have distinguished the company’s previous cars. Traditional Saleen styling cues include an understated trim panel between the taillights with “Saleen” in raised lettering, mesh covers over the fog lights in the grille, and the Saleen name and chevrons as graphic elements placed low on each side. An optional Aero Package includes a lightweight chin splitter and rear spoiler for improved aerodynamics.

Other exterior highlights include unique, 18-inch, 5-spoke alloy wheels (19- and 20-inch wheels are available), and “435S” lettered on each side of the hood’s power dome.

Inside, the modifications are designed to enhance the driving experience and to express the car’s character. These include a new, short-throw shifter for quick, precise gear-changing performance, and new, driver-oriented gauges. These uniquely styled gauges retain Mustang’s MyColor™ capabilities that allow the owner to select from more than 125 custom colors for the instrument cluster. The car’s identity is highlighted by a Saleen logo embroidered on the headrests.

“All in all, we believe the 435S is the right car at the right time,” said Shields. “It’s a terrific performance value that we’re proud to offer. And this is just the first of many great Saleen vehicles we’ll be launching in the future.”

Saleen’s new owner, MJ Acquisitions, will not be honoring any outstanding warranties on Saleen Inc. products, services, or vehicles.

That’s right, MJ Acquisitions recently sent a letter to all certified Saleen and Racecraft dealers stating that customers will have to pay for any repair costs because Saleen Inc. has ceased operations. It clearly states that, “MJ Acquisitions, Inc. is not responsible or obligated to cover warranties and/or any financial liabilities of Saleen, Inc.” The bad news applies to all Saleen products sold prior to February 2, 2009.

That’s bad news for the customers, but there is also bad news for the retailers. Saleen Inc. will also no longer be able to cover parts or labor on any vehicle with a Saleen warranty – including unsold vehicles currently sitting on showroom floors. This will certainly make those vehicles a lot harder to move.

MJ Acquisitions says in the letter that it feels sorry for the outcome and wants to reassure customers and retailers that the Saleen brand will continue.

Now, we can’t see the future, but it’s not a stretch to predict that Saleen might just fade away after this news. The Mustang community is a tight-knit one and trying to sell Saleen cars and car parts to that same customer base after this news could be damn-near impossible.

[Source: www.soec.org]

MJ Acquisitions, which recently purchased most of Saleen Inc., has made it clear that purchasing Viper from Dodge/Chrysler is of interest to the company.

Automotive News reports that MJ Acquisitions co-owner Mike Shields states that, “We’ve considered a purchase of Viper.” Shields and his bothers own several auto-industry related subsidiaries including Cyltec, LLC, Power-Tec Engineering, LLC, Arrow Racing Engines, LLC, and Control-Tec, LLC.

Chrysler has publicly stated its interest in selling off the successful Viper brand, and recently announced that it is currently looking over three proposals – although the company would not say if one of those proposals is from MJ Acquisitions.

In news relating back to Saleen, Shields stated that the continuation of the Racecraft brand and S-Line are not certain.

As for the continued uncertainty of the S7 and S5 Raptor supercars, former Saleen president Chris Theodore is still on the hunt for a buyer.

Read the AutoGuide review of the Viper ACR here:

Dodge Viper ACR

[Source: AutoNews]

Three months after Saleen Incorporated announced it was looking for a buyer the company has just released news that MJ Acquistions has purchased a significant portion of the automakers assets.

The deal puts all supercharger, after market and high performance assets in the hands of MJ Acquisitions. Saleen Inc.  will retain ownership of everything relating to the S7 Supercar and upcoming S5 Raptor – although the move certainly puts the development of the Saleen exotic in jeapordy as it is more than likety the supercar department shares both staff and resources with the departments that have changed hands. And considering how small the volume of sales for the S7 project have been it’s unlikely MJ Acquistions will want to dedicate staff and resources to areas other than the high volume, high profit aftermarket and high performance segments.

On a positive note MJ Acquisitions is a developed and successful automotive company that owns four subsidiaries: Cyltec, LLC, Power-Tec Engineering, LLC, Arrow Racing Engines, LLC, and Control-Tec, LLC. These companies comprise a network that currently facilitates full service enginering, design, manufacturing, assembly and control systems for sectors of the automotive industry.

“We moved on this purchase quickly to ensure that the process of delivering high-quality automobiles and components to the consumers is not disrupted,” said Mike Shields, President and CEO of MJ Acquisitions. “We are working with the talented team from Saleen and our own experts to continue the quality, delivery, and performance the customer base and delalership network have come to expect from the Saleen brand.”

One point of note is that employees of the Saleen departments that were sold were let go, however, many (if not all) of them are expected to be rehired – including Saleen Inc. CEO Chris Theodore, who said that, “MJ Acquisitions and its affiliates are a group of true car professionals with vast experience in the engineering, production, assembly and distribution of performance and racing vehicles. This influx of new life into the Saleen, RaceCraft and SpeedLab brands is a win-win situation.

MJ Acquisitions doesn’t plan to waste any time bringing product to market and the company is expected to forge ahead with a redesign of the flagship S-Line brand, due out in late 2009, as well as the realse of a 2010 Racecraft Mustang – with develpment beging on that project as soon as Ford delviers the new model to Saleen HQ.

[Source: Saleen Owners and Enthusiasts Club]

Official release after the jump:

Breaking News: SOEC/Saleen Forums News Exclusive — Irvine, California, February 2, 2009 – After announcing it was looking for a buyer in early November, Saleen Incorporated announced today that MJ Acquistions has acquired certain assets of America’s premier automotive lifestyle brand, relating to Saleen’s supercharger, aftermarket and high performance street vehicle businesses.

MJ Acquistions does plan to work with the dealer network and others to establish the future product line. A company spokesperson told SOEC that more announcements will be forthcoming, so stay tuned.