DETROIT (April 12, 2001) - Championship Auto Racing Teams, Inc. (NYSE: MPH) today commented on the counterclaim filed by ISL Worldwide. The counterclaim was filed in the Circuit Court for the County of Oakland, State of Michigan, as a part of the...
DETROIT (April 12, 2001) - Championship Auto Racing Teams, Inc. (NYSE: MPH) today commented on the counterclaim filed by ISL Worldwide. The counterclaim was filed in the Circuit Court for the County of Oakland, State of Michigan, as a part of the Answer, Affirmative Defenses, Counterclaim and Setoff in the case filed by the Company against ISL Worldwide. It seeks damages in excess of $150 million, plus punitive damages in an unspecified amount, interest and attorneys fees.
Deborah M. Schneider, Vice President of Legal Affairs, stated that the Company believes the allegations to be without merit and that the Company intends to vigorously pursue its case against, and defend against the claims made by, ISL Worldwide.
CART filed a complaint in Oakland (Mich.) County Circuit Court on February 28, 2001seeking compensatory and consequential damages in excess of $100 million against ISL Marketing AG, which had served as CART's exclusive worldwide marketing agent since 1998. In the suit, CART alleges fraudulent inducement; breach of the agreement; and failure by ISL to pay more than $6 million due to CART with respect to its 2000 guarantee.
Championship Auto Racing Teams, Inc. (NYSE:MPH) owns, operates and markets the FedEx Championship Series. Champions Gil de Ferran, Alex Zanardi, 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. Learn more about CART's open-wheel racing series at www.cart.com.
Statements made in this 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. It is important to note that the Company's actual results could differ materially from those contained or implied by such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements are contained from time to time in the Company's SEC filings including, but not limited to, the Form 10-K and subsequent Forms 10-Q. Copies of those filings are available from the Company and the SEC.