Action Performance issues clarification regarding intent to file registration statement for proposed public offering.TEMPE, Ariz.--(BUSINESS WIRE)--May 15, 1997--Action Performance Companies Inc. (NASDAQ/NM:ACTN ACTN Action ACTN Acetone ) Thursday issued a clarification regarding the proposed sale of 1,900,000 shares of its common stock to the public in a firm commitment offering. In an announcement earlier Thursday, the company inadvertently indicated that the registration statement covering the proposed offering would be filed with the Securities and Exchange Commission in mid- to late-June 1997. In fact, it is the pricing of the offering, not the filing of the registration statement, that is expected in mid- to late-June 1997. The company regrets the error. Of the 1,900,000 shares, 1,500,000 shares are being sold by the company and 400,000 shares will be sold by certain selling stockholders. The offering will be made only by means of a prospectus. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company from the offering will be used for repayment of certain existing indebtedness from recent acquisitions and general corporate purposes, including working capital and possible new acquisitions. Action Performance Companies is the leading licensing, marketing and distribution company in the motorsports market. It designs and markets a complete line of motorsports-related collectible products, souvenirs, memorabilia and apparel. The company has license agreements with leading race car drivers, sponsors, and vehicle manufacturers in all major categories of motorsports. Its core product lines include die-cast and pewter collectibles of 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. , NHRA NHRA National Hot Rod Association NHRA Northland Human Resource Association NHRA National Human Resources Association NHRA Nursing Home Reform Act NHRA National Hospice Regatta Alliance NHRA National Heritage Resources Act (South Africa) , World of Outlaws The World of Outlaws (often abbreviated WoO) is an American motorsports sanctioning body. The body sanctions two major national touring series. It is best known for sanctioning a national tour of sprint cars. (WOO), and other racing category cars, related vehicles, as well as a broad range of related motorsports apparel. Manufactured in China and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , its products are marketed directly thorough the 90,000-member Racing Collectables Club of America, trackside track·side n. The area near a track, especially a racetrack. at racing events and by a select retail network of approximately 5,000 specialty dealers. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: A registration statement relating to these securities has not yet been filed with the Securities and Exchange Commission. These securities may not be sold, nor may offers to buy be accepted prior to the time the registration statement is filed and becomes effective. This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there by any sale of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration, or qualification, under the securities laws of any such state. CONTACT: Action Performance Companies Inc., Tempe Christopher Besing, 602/517-3703 Fred Wagenhals, 602/517-3710 or Silverman Heller Associates Glenn Schoenfeld, 310/208-2550 |
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