The magnesium alloy wheels are initially available in 20-inch and 22-inch sizes, and are treated with a high-tech anti-corrosion coating. The company will also be developing wheels in various sizes and compositions for specific North American applications.

"Steel wheels are becoming nearly obsolete and the prevailing trend is toward cast aluminum wheels," Lisnyansky said. "While most people are not familiar with forged wheels, performance car enthusiasts know that forged wheels offer significant advantages. And forged magnesium wheels, which are lighter and much stronger than their aluminum counterparts, are the next logical step in optimizing vehicle performance."

Magnesium wheels offer consumers improved safety by shortening braking distances and delivering higher acceleration rates as well as improving gas mileage. The "dampening" factor of magnesium allows for vibrations caused by road imperfections to be absorbed six times more effectively.

Using specialized aviation industry equipment, the company has been producing Superbike and Formula One competition wheel forgings for many years. The wheels are forged in Russia by a subsidiary and then machined and finished in Italy.

Magnesium.com is currently conducting a "Best New Wheel Design" competition and is negotiating with several large distributors to establish a joint machining and finishing facility in the U.S. The company is also considering an acquisition of or a joint venture with a local wheel company with an existing high-end market presence and brand-name recognition.