INDIANAPOLIS (June 6, 2002) - Championship Auto Racing Teams, Inc. (NYSE: MPH) completed its annual shareholder meeting this week in Indianapolis. Among the highlights were the appointment of the 2003 CART Board of Directors in the shareholder ...
INDIANAPOLIS (June 6, 2002) - Championship Auto Racing Teams, Inc. (NYSE: MPH) completed its annual shareholder meeting this week in Indianapolis. Among the highlights were the appointment of the 2003 CART Board of Directors in the shareholder meeting on Tuesday and a reconfirmation of the corporation's overall business strategy.
The 2003 Board, as elected by CART's shareholders, includes one new appointee and eight returning directors. The new appointee is veteran motorsports promoter Rafael A. "Ralph" Sanchez who joins returning directors James Grosfeld, Carl A. Haas, James F. Hardymon, James A. Henderson, U.E. "Pat" Patrick, Fredrick T. Tucker, Derrick Walker and CART President and CEO Christopher R. Pook.
At the shareholder meeting, Pook also delivered his first address to CART's stockholders since accepting the position of President and CEO last December. He cited CART's management restructuring, television programming, marketing strategy and direction, new national advertising campaign and strong event attendance.
"The public is responding to the CART product," Pook said. "What we now have to do is massage the product into a format that continues to appeal to the fans and becomes even more attractive to corporate America and beyond, and that is management's task."
The company's direction was further solidified in a Tuesday board meeting, which immediately followed the shareholder meeting, and Wednesday's Franchise Board meeting, which produced several rule changes designed to reduce costs and increase competition among the teams.
Among the rule changes were a freeze on aerodynamic development, which is slated to begin later this month, the introduction of a two-stage pit lane speed limiter, which will debut with the CART Grand Prix of Chicago on June 30, and the decision to include driver weight in the overall weight of each car, which takes effect beginning with the CART Grand Prix of Mid-Ohio on August 11.
Championship Auto Racing Teams, Inc. (NYSE: MPH) owns, operates and markets the CART FedEx Championship Series. Former series champions Michael Andretti and Jimmy Vasser are among the stars who will battle for the 2002 FedEx Championship Series title on ovals, temporary street circuits and permanent road courses. CART Champ Cars are thoroughbred racing machines that travel at speeds in excess of 200 miles per hour, showcasing the technical expertise of manufacturers such as American Honda, Ford Motor Company, Toyota, Lola Cars, Reynard Motorsport and Bridgestone/Firestone North American Tire, LLC. The 20-race 2002 CART FedEx Championship Series will be broadcast by new television partners, CBS, FOX and SPEED Channel. CART also owns and operates its top development series, the CART Toyota Atlantic Championship. Learn more about CART's open-wheel racing series at www.CART.com.
Statements made in this release that state CART'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 CART'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 is contained from time to time in CART's SEC filings including, but not limited to, the 10-K and subsequent 10-Q's. Copies of those filings are available from CART and the SEC.