International Speedway Announces Approval of Ferko/Vaughn Settlement Agreement, Completes Sale Of North Carolina Speedway
July 01 2004 - 3:36PM
PR Newswire (US)
International Speedway Announces Approval of Ferko/Vaughn
Settlement Agreement, Completes Sale Of North Carolina Speedway
Acquisition of Martinsville Speedway to Close by Mid-July DAYTONA
BEACH, Fla., July 1 /PRNewswire-FirstCall/ -- International
Speedway Corporation (NASDAQ:ISCA) (OTC:ISCB) (BULLETIN BOARD:
ISCB) ("ISC") announced the District Court for the Eastern District
of Texas, Sherman Division today approved the settlement agreement
in the Ferko/Vaughn litigation ("Settlement Agreement") dated April
8, 2004. In addition, the sale of the assets of North Carolina
Speedway to Speedway Motorsports, Inc. for $100.4 million has
closed. Separately, the Company stated its previously announced
acquisition of Martinsville Speedway is expected to close by the
middle of this month. International Speedway Corporation is a
leading promoter of motorsports activities in the United States,
currently promoting more than 100 events annually. The Company owns
and/or operates 11 of the nation's major motorsports facilities,
including Daytona International Speedway in Florida (home of the
Daytona 500); Talladega Superspeedway in Alabama; Michigan
International Speedway located outside Detroit; Richmond
International Raceway in Virginia; California Speedway near Los
Angeles; Kansas Speedway in Kansas City, Kansas; Phoenix
International Raceway in Arizona; Homestead-Miami Speedway in
Florida; Darlington Raceway in South Carolina; Watkins Glen
International in New York; and Nazareth Speedway in Pennsylvania.
Other track interests include an indirect 37.5% interest in Raceway
Associates, LLC, which owns and operates Chicagoland Speedway and
Route 66 Raceway near Chicago, Illinois. The Company also owns and
operates MRN Radio, the nation's largest independent sports radio
network; DAYTONA USA, the "Ultimate Motorsports Attraction" in
Daytona Beach, Florida, the official attraction of NASCAR; and
subsidiaries which provide catering services, food and beverage
concessions, and produce and market motorsports-related merchandise
under the trade name "Americrown." For more information, visit the
Company's Web site at http://www.iscmotorsports.com/. Statements
made in this release that express the Company's or management's
beliefs or expectations and which are not historical facts or which
are applied prospectively are forward-looking statements. It is
important to note that the Company's actual results could differ
materially from those contained in or implied by such forward
looking statements. The Company's results could be impacted by risk
factors, including, but not limited to, weather surrounding racing
events, government regulations, economic conditions, consumer and
corporate spending, military actions, air travel and national or
local catastrophic events. 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 the Company's SEC filings including, but not limited to,
the 10-K and subsequent 10-Q's. Copies of those filings are
available from the Company and the SEC. The Company undertakes no
obligation to release publicly any revisions to these
forward-looking statements that may be needed to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this
release does not constitute an admission by International Speedway
or any other person that the events or circumstances described in
such statement are material. DATASOURCE: International Speedway
Corporation CONTACT: Wes Harris, Director of Investor Relations,
International Speedway Corporation, +1-386-947-6465 Web site:
http://www.iscmotorsports.com/
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