Championship Auto Racing Teams, Inc. Announces It Has Entered Into An Asset Purchase Agreement With Open Wheel Racing Series Championship Auto Racing Teams, Inc. and Open Wheel Racing Series Terminate Previously Announced Merger source: cart.com Championship Auto Racing Teams, Inc. ("Championship" or "Company") (OTCBB: CPNT.OB) announced today that it has entered into an Asset Purchase Agreement ("the Agreement") with Open Wheel Racing Series ("OWRS"). The Agreement would allow OWRS to purchase the assets of CART, Inc. ("CART") needed to operate the Champ Car World Series and the stock of Pro-Motion Agency, Inc., a Championship subsidiary that operates the Toyota Atlantics series. In addition, OWRS will assume from Championship and CART their rights and obligations under certain promoter, sponsor and other contracts. If the transaction is completed, OWRS intends to continue to operate the Champ Car World Series and the Toyota Atlantic series. The total consideration that will be paid if the agreement is completed is $3.0 million less $1.5 million in 2003 prize money to teams who are not affiliated with OWRS; which is an obligation of CART being assumed by OWRS. The Agreement also terminates the previously announced merger agreement that had been entered into between Championship and OWRS on September 10, 2003.
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