Magnum Corporation Bhd has denied recent press reports on the status of their sponsorship deal with Paul Stoddart's Minardi team, and have re-iterated their partnership this year.

A press release from the Public Relations department of the company re-affirmed that they had agreed terms to partner the team for the entire 2002 season, and stated that they intended to honour the deal.

"We would like to put on record that no spokesperson from Magnum Corporation Bhd had issued any statement in relation to Magnum's sponsorship of the Minardi team, as reported in several publications over the past few days," the statement read.

"Magnum Corporation Bhd had entered into a sponsorship agreement with the Minardi Team for the entire duration of the Formula One™ 2002 Season and we do intend to see it through the end."

The Malaysian company also endorsed the efforts of their national driver Alex Yoong, following some media criticsm of his results so far this year.

"Malaysia's first Formula One driver Alex Yoong, as you know had finished in 14th position over the last weekend and has been doing his best for the country," the release read.

Yoong's best finish to date was seventh in the Australian Grand Prix.