A revival of Italian performance marque Bizzarrini is underway and the modern company on Tuesday provided the first clues on two models being developed.

The original Bizzarrini operated briefly in the 1960s and is arguably most widely recognized for its 5300 GT sports car. The company was founded by ex-Ferrari engine Giotto Bizzarrini, who oversaw the development of the legendary Ferrari 250 GTO, and incredibly he's also involved with the modern Bizzarrini.

Also involved with the modern effort is Italian designer Giorgetto Giugiaro, founder of Italdesign (though he's since formed a new design studio which he currently runs) and the man who penned the original 5300 GT. Shown above is one of his sketches of the car from 1964.

The modern Bizzarrini plans to offer continuation examples of the 5300 GT, plus a new model also designed by Giugiaro. Little is known about the new model though we know it will be a sports car powered by an internal-combustion engine. It's described by the company as a “Bizzarrini for a new era.”

1968 Bizzarrini Strada 5300

1968 Bizzarrini Strada 5300

The 5300 GT continuation model will be limited to just 24 examples. It will be known as the 5300 GT Revival Corsa 24/65, and just like the original it will feature a lightweight composite body over a tubular steel frame. The cabin will have two seats and a roll cage designed to FIA specifications.

There will be some modern touches, mostly in the area of safety. In addition to the roll cage, there will be an FIA-spec fuel tank, independent rear suspension, and disc brakes at each corner.

Power will come from a period-specific 5.3-liter V-8 with Weber carburetors and a peak output falling somewhere between 400 and 480 horsepower. Considering the car is expected to weigh just 2,150 pounds, performance should be scintillating.

The modern Bizzarrini was established only last fall so it might be some time before its first car is unveiled. The new company is headed by former Aston Martin executives Ulrich Bez and Christopher Sheppard, and backed by London-based Pegasus Brands, which operates a number of luxury car dealerships in the United Kingdom, Switzerland and the Middle East.