Is this really a Porsche?

[silver-S]

I saw this recently at a car show and have been unable to identify it. The placard says it's a 1989 Porsche Spyder, but there were no Porsche badges on it and a logo on the dash suggested it has a V8. I suspect it's a kit car of some sort, but can't figure out why it's labeled as a Porsche. Wishful thinking? Perhaps it's on a 928 chassis?