SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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CHAMPIONSHIP AUTO RACING TEAMS, INC.
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THE FOLLOWING IS THE TEXT OF A PRESS RELEASE ISSUED BY CHAMPIONSHIP AUTO
RACING TEAMS, INC. ON NOVEMBER 10, 2003:
[GRAPHIC]
Contact: Thomas L. Carter, Chief Financial Officer, (317) 715-4195
CHAMPIONSHIP AUTO RACING TEAMS, INC. UPDATES STATUS OF PROPOSED MERGER WITH OPEN
WHEEL RACING SERIES
INDIANAPOLIS, IN - (November 10, 2003) - Championship Auto Racing Teams, Inc.
("Championship") (OTCBB: CPNT.OB) announced today that last Thursday, November
6, 2003, it received the comments of the Securities and Exchange Commission's
("SEC") to its preliminary proxy statement relating to the proposed merger with
Open Wheel Racing Series LLC that was submitted to the SEC in early October
2003. Championship intends to respond promptly to the comments made by the SEC
to the proxy statement and resubmit the revised proxy statement to the SEC later
this week.
Championship intends to finalize the proxy statement and mail it to its
stockholders as soon as practicable and to set a meeting date for a shareholder
vote prior to year-end The meeting could take place as early as December 18,
2003, although there can be no assurance that it will not be later.
Championship Auto Racing Teams, Inc. and Open Wheel Racing Series LLC announced
previously they have signed a definitive agreement providing for Open Wheel
Racing Series to acquire Championship for cash equivalent to $0.56 per share,
based on the number of shares of Championship common stock currently
outstanding. The transaction is subject to a number of closing conditions,
including approval by Championship's stockholders.
Open Wheel Racing Series is a newly formed holding company owned indirectly by a
group of investors including Gerald R. Forsythe, Kevin Kalkhoven and Paul
Gentilozzi. Mr. Forsythe or entities owned or controlled by him currently have
beneficial ownership of 3,377,400 shares of Championship common stock,
approximately 22.9% of the outstanding shares of Championship. These shares will
be contributed to Open Wheel Racing Series rather than acquired for cash. Open
Wheel Racing Series has previously stated that, if the transaction is completed,
it intends to continue to operate the business of Championship, including
continuing to sanction the motorsports series currently known as "Bridgestone
Presents the Champ Car World Series Powered by Ford."
ABOUT CHAMPIONSHIP AUTO RACING TEAMS, INC.
Championship Auto Racing Teams, Inc. (OTCBB: CPNT.OB) owns, operates and markets
the 2003 Bridgestone Presents The Champ Car World Series Powered by Ford.
Veteran racing teams such as Newman/Haas Racing, Player's/Forsythe Racing, Team
Rahal, Patrick Racing and Walker Racing competed with many new teams this year
in pursuit of the Vanderbilt Cup. CART Champ Cars are thoroughbred racing
machines that reach speeds in excess of 200 miles per hour, showcasing the
technical expertise of manufacturers such as Ford Motor Company, Lola Cars,
Walker Racing LLC, (Reynard) and Bridgestone/Firestone North American Tire, LLC.
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The 18-race 2003 Bridgestone Presents The Champ Car World Series Powered by Ford
was broadcast by television partners CBS and SPEED Channel. CART also owns and
operates its top development series, the Toyota Atlantic Championship. Learn
more about CART's open-wheel racing series at www.champcarworldseries.com.
SAFE HARBOR STATEMENT
Statements made in this news release that state the company's or management's
beliefs or expectations and which are not historical facts or which apply
prospectively are forward-looking statements. Words such as "may," "will,"
"expect," "believe," "anticipate," "forecast," "intend," "could," "would,"
"estimate," or "continue" or the negative variation thereof or comparable
terminology are intended to identify forward looking statements. It is important
to note that the company's actual results could differ materially from those
contained or implied by such forward-looking statements. The risks and
uncertainties to be considered include, but are not limited to, the failure of
the proposed merger with Open Wheel to be completed for any reason, CART, Inc.'s
new co-promoted and self-promoted events; new television and advertising
arrangements; the success of events in new venues; participation by race teams;
the current uncertain economic environment and weak advertising market; and
availability in capital; among others. Additional information concerning factors
that could cause actual results to differ materially from those in the
forward-looking statements is contained in the Company's SEC filings made from
time to time, including, but not limited to, the Form 10-K for the year ended
December 31, 2002, as amended, and subsequent 10-Qs. Copies of those filings are
available from the Company and the Company's website at
www.champcarworldseries.com and the SEC and the SEC's website at www.sec.gov.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed merger with Open Wheel, the Company filed a
preliminary proxy statement with the SEC on October 7, 2003. INVESTORS AND
SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY PROXY STATEMENT, WHICH IS
AVAILABLE NOW, AND THE DEFINITIVE PROXY STATEMENT, WHEN IT BECOMES AVAILABLE,
BECAUSE IT CONTAINS AND WILL CONTAIN IMPORTANT INFORMATION REGARDING THE
PROPOSED MERGER. The preliminary proxy statement is not final and may be
amended. A definitive proxy statement will be sent to stockholders of the
Company seeking their approval of the proposed transaction. Investors and
security holders may obtain a free copy of the preliminary proxy statement and
the definitive proxy statement (when it is available) and other documents filed
by the Company with the SEC at the SEC's website at www.sec.gov. Stockholders
will receive information at an appropriate time on how to obtain documents
relating to the proposed merger for free from the Company.
The Company and its directors, executive officers and certain other members of
its management may be deemed to be soliciting proxies from its stockholders in
connection with the proposed merger. Information concerning the interests of the
Company's participants in the solicitation is set forth in the preliminary proxy
statement. Investors may obtain additional information regarding the interests
of such participants by reading the preliminary proxy statement and the
definitive proxy statement (when it is available).
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