Action Performance Extends Licensing Agreement With McLaren International Limited Through 2004.PHOENIX--(BUSINESS WIRE)--April 8, 1999--Action Performance Companies, Inc. (Nasdaq NM:ACTN ACTN Action ACTN Acetone ) today announced that its majority owned subsidiary, Paul's Model Art, has signed a five-year extension to its current licensing agreement with McLaren International limited. McLaren's current drivers in the Formula One World Championship series are 1998 World champion Mika Hakkinen and David Coulthard David Marshall Coulthard, often called DC, born March 27, 1971 in Twynholm, Kirkcudbrightshire, is a Scottish Formula One racing driver. He is a successful driver in the current era of the sport with 13 grand prix victories. . Under the terms of the agreement, Paul's Model Art will create and market a line of McLaren Formula One die-cast race car collectibles, including classic McLaren cars and other licensed products. Said Fred W. Wagenhals, Action chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , "We are very proud to announce the extension of our relationship with McLaren for an additional five years. The McLaren legacy dates back to 1963, capturing numerous Constructors' and Drivers' Championships along the way. Today, the McLaren brand signifies excellence in racing and it will be a top contender in the Formula One series for many years to come." Said Ron Dennis Ron Dennis CBE (born June 1, 1947) is the chairman, CEO and 15% owner of the McLaren Group. He is also the team principal of the McLaren Formula One team. Since the early 1980s Dennis has been the principal of the McLaren Formula One team attending races and supervising the , managing director of the TAG McLaren Group The McLaren Group, based at the McLaren Technology Centre in Woking in the United Kingdom, is a group of companies created by Ron Dennis, described by the International Herald Tribune as "a small conglomerate". , "Paul's Model Art is a leader in the design, marketing and distribution of high quality model cars. Our relationship dates back to the early nineties and we have over the period greatly appreciated the quality and attention to detail of Paul Lang and his team. It is this commitment which has been instrumental in our decision to renew our partnership on such a long-term basis. We are sure that the involvement of Action Performance Companies, Inc. will only serve to improve further the quality and distribution of the McLaren models sold under the Paul's Model Art and Minichamps brands." Action Performance Companies, Inc., is the leader in the design, marketing, promotion and distribution of licensed motorsports merchandise. Its products include a broad range of motorsports-related die-cast car replica collectibles, apparel, souvenirs, and other memorabilia. The Company markets and distributes products through a variety of channels, including the 160,000-member Racing Collectables Club of America (RCCA RCCA Root Cause and Corrective Action (to prevent the recurrence of a defect by eliminating its cause) RCCA Rural Community College Alliance RCCA Roller Coaster Corporation of America RCCA Rod Cluster Control Assembly ), online through SpeedMall at goracing.com, trackside track·side n. The area near a track, especially a racetrack. at racing events, mass retail department stores, and a worldwide network of wholesale distributors and specialty dealers. |
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