SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant To Section 14(A)
of The Securities Exchange Act of 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[X] Soliciting Material Pursuant to ss.240.14a-12
CHAMPIONSHIP AUTO RACING TEAMS, INC.
-------------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)
-------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies:
---------------------------------------------------------------------
(2) Aggregate number of securities to which transaction applies:
---------------------------------------------------------------------
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):
---------------------------------------------------------------------
(4) Proposed maximum aggregate value of transaction:
---------------------------------------------------------------------
(5) Total fee paid:
---------------------------------------------------------------------
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
(1) Amount Previously Paid:
---------------------------------------------------------------------
(2) Form, Schedule or Registration Statement No.:
---------------------------------------------------------------------
(3) Filing Party:
---------------------------------------------------------------------
(4) Date Filed:
---------------------------------------------------------------------
==============================================================================
THE FOLLOWING IS THE TEXT OF A PRESS RELEASE ISSUED BY CHAMPIONSHIP AUTO
RACING TEAMS, INC. ON NOVEMBER 19, 2003:
Contact: Thomas L. Carter, Chief Financial Officer, (317) 715-4195
CHAMPIONSHIP AUTO RACING TEAMS, INC. ANNOUNCES A SPECIAL MEETING OF ITS
STOCKHOLDERS
INDIANAPOLIS, IN - (November 19, 2003) - Championship Auto Racing Teams, Inc.
("Championship") (OTCBB: CPNT) announced today that it will hold a special
meeting of its stockholders, at which it will ask stockholders to vote to adopt
the previously announced merger agreement with Open Wheel Racing Series LLC. The
meeting is scheduled for December 19, 2003 at 10:00 am, local time, at
Championship's headquarters.
Championship Auto Racing Teams, Inc. and Open Wheel Racing Series LLC announced
previously they have signed a definitive merger 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. Open Wheel Racing Series currently has beneficial ownership of
3,377,400 shares of Championship common stock, which represent approximately
22.9% of the outstanding shares of Championship. These shares will be
contributed to Open Wheel Racing Series by Mr. Forsythe or entities owned or
controlled by him. 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) 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.
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.
1
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 Championship'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 Championship and the Championship'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, Championship filed a
definitive proxy statement with the SEC on November 19, 2003. INVESTORS AND
SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT BECAUSE IT
CONTAINS IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER. The definitive
proxy statement will be sent to stockholders of Championship seeking their
approval of the proposed transaction on or about November 20, 2003. Investors
and security holders may obtain a free copy of the definitive proxy statement
and other documents filed by Championship with the SEC at the SEC's website at
www.sec.gov. In addition, copies of documents filed with the SEC by Championship
may be obtained free of charge by directing a request to J. Carlisle Peet, III
at 5350 Lakeview Parkway South Drive, Indianapolis, IN 46268.
Championship 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
Championship's participants in the solicitation is set forth in the definitive
proxy statement. Investors may obtain additional information regarding the
interests of such participants by reading the definitive proxy statement.
2