Action Performance, Joe Gibbs Racing Extend Licensing Agreement Through
Includes Appearances, Endorsements by Bobby Labonte and Tony Stewart
PHOENIX--Jan. 3, 2002--Action Performance Companies, Inc. (Nasdaq NM: ACTN), the leader in the design, marketing, promotion, and distribution of licensed motorsports merchandise, and Joe Gibbs Racing, Inc., through its in-house licensing agency, Redline Sports Marketing, Inc., today announced the extension of their existing licensing and promotional agreement through 2009, which includes personal appearances and product endorsements by popular Joe Gibbs Racing team drivers, Bobby Labonte and Tony Stewart. Also under the extended agreement, Action Performance signage and logos will appear on drivers' uniforms and team haulers.
Initially scheduled to expire at the end of 2002, the licensing agreement has been extended through December 31, 2009, subject to achieving certain performance standards.
"We are thrilled to extend our relationship with Action Performance," remarked Joe Gibbs. "Fred and his leadership team have been great partners over the years, and their leadership and innovation have given our fans exciting, quality licensed products for the past ten years. We can now look forward to them providing that same service for many more to come."
"Joe Gibbs Racing is one of NASCAR's premier racing teams and includes two of the most successful drivers in NASCAR racing," commented Fred Wagenhals, Action Performance chairman, president and CEO. "We look forward to working closely with Bobby, Tony and the entire team in utilizing their continued racing success and popularity to increase their commercial opportunities and further promote the sport of NASCAR racing to a large and ever-growing audience of racing fans and enthusiasts."