Action Performance and Joe Gibbs Racing Enter Five-Year Licensing Agreement.TEMPE, Ariz.--(BUSINESS WIRE)--Aug. 27, 1997--Action Performance Cos. Inc. (Nasdaq/NM:ACTN ACTN Action ACTN Acetone ) Wednesday announced that it has signed a five-year licensing agreement with Joe Gibbs Racing Joe Gibbs Racing (also known as JGR) is a group of NASCAR racing teams owned by Joe Gibbs, who first started racing on the NASCAR circuit in 1991. Headquartered in Huntersville, North Carolina, more notably near Charlotte, the team amassed three NEXTEL Cup Championships for the merchandising rights for its two NASCAR teams This is a list of NASCAR teams, a list of all teams that race in one of NASCAR's top three divisions (NEXTEL Cup, Busch Series and Craftsman Truck Series). Full-time teams are teams that attempt to qualify for every race in their division (with very few exceptions, such as those and cars driven by Bobby Labonte Robert Alan Labonte (born May 8, 1964) is an American race car driver and drives the #43 Cheerios Dodge Charger for the Petty Enterprises NASCAR Racing Team in the Nextel Cup Series and the #77 Dollar General Chevrolet Monte Carlo for Kevin Harvick Incorporated in the Busch Series. and Tony Stewart, respectively. Under the agreement, Action Performance gains exclusive merchandising rights for all die-cast in all distribution categories, as well as for trackside track·side n. The area near a track, especially a racetrack. sales of souvenirs and apparel products related to the Joe Gibbs Racing team, its drivers and NASCAR NASCAR (National Association for Stock Car Auto Racing), organization that sanctions American stock-car races, est. 1948. It held its first race in Daytona Beach, Fla. vehicles. Action Performance will also have the right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. on production, sales and marketing of other souvenir products and merchandising categories. Interstate Batteries and Shell Oil Co. are primary NASCAR sponsors of Joe Gibbs Racing team cars. ``Joe Gibbs Racing has established itself as a top-flight competitor in NASCAR racing,'' said Fred W. Wagenhals, Action Performance chairman, president and chief executive officer. ``We are very pleased to be able to add his quality racing team with its highly popular drivers Bobby Labonte and Tony Stewart to our merchandising programs through which we offer racing fans the broadest array of licensed NASCAR products available anywhere. We expect this to be the beginning of a long and mutually beneficial relationship.'' Said Joe Gibbs, the three-time-winning Super Bowl head coach and NASCAR racing-team owner: ``In pro sports, you win by aligning yourself with the best people and organizations possible. Fred has built the great success of Action Performance around quality people.'' The NFL NFL abbr. National Football League NFL (US) n abbr (= National Football League) → Fußball-Nationalliga Hall of Fame member added: ``Our goal is to win NASCAR championships, while Action Performance wants to maintain its lead over the competition with the best in NASCAR merchandise. What we have here is a winning combination, and together, I think we will be extremely successful.'' Action Performance Cos. is the leader in the design, marketing and distribution of licensed motorsports collectible and consumer merchandise. Its products include a broad range of motorsports- related apparel, souvenirs, die-cast car-replica collectibles and other memorabilia. The company markets its products directly through the 100,000-member Racing Collectables Club of America, trackside at racing events and through a select retail network of approximately 5,000 specialty dealers. CONTACT: Action Performance Cos. Inc., Tempe Christopher Besing, 602/517-3703 Fred Wagenhals, 602/517-3710 or Silverman Heller Associates, Los Angeles Eugene G. Heller or Glenn Schoenfeld, 310/208-2550 |
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