MONTEREY, Calif. - The Walker Racing Team, under the direction of Derrick Walker, announced its plans for the future today. The announcement included a new driver, a new engine program and the renewal of key sponsor and partner endorsements for its entry in the 1997 PPG Indy Car World Series and beyond.

Two-time winner Gil de Ferran will drive for Walker Racing beginning with the '97 season. De Ferran, who has signed a multi-year contract with Walker, is looking forward to joining the Indianapolis-based team.

"I'm delighted to have been able settle my future and I think that driving for Derrick is a great opportunity," de Ferran said. "On top of that, I'm quite happy that I'm going to be staying in Indy Car for the foreseeable future. I've really enjoyed these last couple of years and I am looking forward to a championship challenge."

De Ferran, making his 33rd Indy Car start this weekend, recorded his first career Indy Car victory at the 1995 Grand Prix of Monterey, claiming the Indy Car "Rookie of the Year" honors. Piloting a Honda-powered Reynard for Hall Racing this season, de Ferran scored his second Indy Car win at the Grand Prix of Cleveland.

"I'm looking forward to working with Gil," Walker said. "From discussions I've had with him to date, I can sense he is a very focused, committed race car driver. He has a strong engineering background and that will be a major asset to our team."

Walker Racing will be switching to the Honda Indy V-8 engine beginning with its 1997 one-car effort.

"Derrick Walker knows what it takes to win," said Tom Elliott, president of Honda Performance Development. "He has been involved in Indy Car racing for a long time and knows all the ingredients required to put together a competitive package. His previous achievements, both with other teams and as the head of his own team for the past six years, is proof of this. We believe the plans he has for 1997 will bring together everything he needs: the team, the sponsors, Gil de Ferran as the driver and the Honda engine. We're looking forward to a winning relationship with Walker Racing."

The Walker Racing entry will be on of six cars competing with the Honda power plant next season.

"We're very fortunate to be able to join the Honda program," Walker said. "Their record to date suggests a major commitment to Indy Car racing."

The team is proud to announce the continuation of its relationship with its primary sponsors. The Valvoline Company and Cummins Engine Company have renewed their contracts with Walker Racing.

"Our primary sponsors have made a major commitment to this team, not just for '97, but for three years with an option for the year 2000," Walker said. "To build a successful program, it's vital that we have the long-term support of our business partners and we're delighted that they have returned again for another three years."

The Valvoline Company, a division of Ashland Inc., became a major sponsor with Walker Racing in 1994. Prior to '94, Valvoline was an associate sponsor with the team for two years.

"I'm very proud to announce that Valvoline has signed an extension with Derrick Walker and the talented group of professionals at Walker Racing," Valvoline President James J. O'Brien said. "For a high-performance company with a global reach, Indy Car and Walker Racing make perfect sense. We have experienced many successes at Walker Racing and look forward to greater success in the future."

Since joining Walker Racing in '94, Cummins Engine Company has used its relationship with Walker Racing to develop new technologies and enhance research and development of its own engines. Cummins employs approximately 23,500 persons worldwide.

"Our partnership with Walker Racing has been very beneficial to our organization," said Tim Solso, president of Cummins Engine Company. "With the addition of Gil de Ferran, we are hoping to obtain even more value from our partnership by marketing our involvement on an international level."

In addition to its primary sponsors, Walker Racing will continue to receive support from Wartsila Diesel, an international manufacturer of diesel engines and Champion Spark Plug, a division of Cooper Automotive.

Having raced with the Reynard chassis since the 1995 season, Walker Racing will continue that relationship for the next two years.

"We've renewed our relationship with Reynard which will take us through '98," Walker said. "It involves no only buying Reynard cars, but developing a closer technical relationship which we feel will be very beneficial in the competitive years ahead."

Following the team's announcement at Laguna Seca Raceway, onlookers caught a glimpse of the car's new paint-scheme for next season as Walker and de Ferran unveiled the No. 5 Valvoline/Cummins Special. Taking on a different look, the Honda-powered Reynard will continue to portray a Valvoline theme by displaying the red, white and blue corporate colors.