Courtesy of CART Online
Championship Auto Racing Teams, Inc., Announces Proposed Initial Public Offering Of Common Stock
CART Online (December 23) -- Championship Auto Racing Teams, Inc, which owns, operates and sanctions the open-wheel motorsports series known as the FedEx Championship Series (previously the PPG CART World Series), today announced that it has filed a registration statement with the Securities and Exchange Commission to sell 4,573,000 shares of common stock in an underwritten public offering. Of the 4,573,000 shares to be offered, approximately 4,333,000 shares will be sold by the Company and 240,000 shares will be sold by certain selling stockholders of the Company.
The managing underwriters of the offering are Jefferies & Company, Inc. and A.G. Edwards & Sons, Inc. The Company intends to use the proceeds to purchase the American Racing Series, Inc., and the assets of a related entity, which operate the PPG Dayton Indy Lights Championship, the official developmental series of CART; and for other general corporate purposes, including funding future acquisitions and developing other racing-related businesses and properties.
CART's FedEx Championship Series will consist of 19 races in 1998. Drivers such as Michael Andretti, Bobby Rahal, Al Unser Jr., Jimmy Vasser and 1997 champion Alex Zanardi will race throughout the United States and in Canada, Australia, Brazil and Japan this coming season. CART is also the sanctioning organization for the PPG Dayton Indy Lights Championship, which conducts races with the majority of CART events and is one of the leading preparatory series for CART drivers and race teams.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
A copy of the registration statement filed with the Securities and Exchange Commission may be obtained through the public reference facilities maintained by the SEC, or at the SEC's home page on the Internet at http://www.sec.gov.