CHAMPIONSHIP AUTO RACING TEAMS, INC. ANNOUNCES FILING OF REGISTRATION STATEMENT FOR SELLING SHAREHOLDERS DETROIT, April 12, 1999 -- Championship Auto Racing Teams, Inc. (NYSE: MPH) today announced that it has filed with the Securities and ...
CHAMPIONSHIP AUTO RACING TEAMS, INC. ANNOUNCES FILING OF REGISTRATION STATEMENT FOR SELLING SHAREHOLDERS
DETROIT, April 12, 1999 -- Championship Auto Racing Teams, Inc. (NYSE: MPH) today announced that it has filed with the Securities and Exchange Commission a Registration Statement relating to a proposed public offering of up to 1,866,500 shares of its common stock to be sold by certain selling shareholders, and 279,975 shares of common stock to be sold by the Company in an over-allotment option granted to the underwriters. Chairman of the Board Andrew Craig stated "We are pleased that the offering will result in greater ownership by our public shareholders and increase the float on CART's shares." The Company will receive none of the proceeds from the sale of shares by selling shareholders. The Company intends to use any proceeds received from the exercise of the over-allotment option for general corporate purposes. The sale is expected to be completed in the second quarter of this year. The managing underwriters for the offering will be Jefferies & Company, Inc. and J.C. Bradford & Co.
Championship Auto Racing Teams, Inc. owns, operates, and markets the FedEx Championship Series, which is comprised of 20 races in five countries on four continents in 1999. Competitors race 900-plus horsepower, open-wheel "Champ Cars" at speeds of more than 240 miles per hours. CART also owns and operates the two development series: The PPG Dayton Indy Lights Championship and the Kool/Toyota Atlantic Championship.
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 does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these 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 written prospectus, when available, can be obtained from Jefferies & Company, Inc., Equity Syndicate at 650 5th Avenue, New York, New York 10019 or J.C. Bradford & Co., Syndicate Department, at 330 Commerce Street, Nashville, Tennessee 37201.