DETROIT — In view of the unusual activity in the stock of Championship Auto Racing Teams Inc., the New York Stock Exchange has asked us to put out a statement.
Wednesday, a report was issued by A.G. Edwards, in which they lowered their rating of Championship Auto Racing Teams to ‘maintain,’ due to uncertainty in regards to our ISL sponsorship guarantee.
Championship Auto Racing Teams President and CEO Joe Heitzler states:
‘Although we are in discussions with ISL, it is premature to comment on the outcome of these discussions or the effect of ISL’s management changes and other sports property renegotiations on CART’s revenues and marketing plans. We will continue to have discussions with ISL in an attempt to resolve this matter.’
Championship Auto Racing Teams Inc. (NYSE:MPH) owns, operates and markets the FedEx Championship Series, a 22-race championship conducted in eight countries worldwide in 2001. Champions Gil de Ferran, Michael Andretti and Jimmy Vasser are among the drivers who battle for the FedEx Championship Series title on oval circuits as well as temporary and permanent road courses. CART also owns and operates its top two development series, the Dayton Indy Lights Championship and the Toyota Atlantic Championship.
For further details contact:
Tom Carter or Rachelle Fergan
+1 (248) 362 8800