Collegiate Pacific Cash Assets Expanding.

Business Editors

DALLAS--(BUSINESS WIRE)--Sept. 17, 2003

Collegiate Pacific (AMEX:BOO) today stated that incoming cash proceeds from the exercise of its outstanding warrants, exercise of employee stock options and strong collections from customers continues at an accelerated pace. The Company has outstanding 4.2 million publicly traded warrants that if fully converted would generate $21 million in new equity capital.

Michael Blumenfeld, CEO, stated, "Based on our latest information on warrant conversion and employee stock option exercise rates, it would appear that the Company will have received approximately $1.5 million of new equity capital in the last 10 days. Current cash balances are now greater than all our outstanding commercial debt. The application of these new funds and our unused credit facilities is being given the highest priority. If the outstanding warrants are converted in full and we receive $21 million, we feel that it is important for our shareholders to understand the full impact of such an event.

-- Shareholder equity would increase to about $27 million or

$3.25 per share with the vast majority of this equity in

liquid or cash assets.

-- The Company would emerge as one of the strongest financial

companies in the sporting goods industry and we would seek to

immediately put these funds to use in accretive acquisitions 

and licensing programs.

-- The float of common shares available for public trading would

increase from 1.8 million shares to 6 million shares with the

total outstanding shares increasing to about 8.6 million."

Collegiate Pacific is the nation's fastest growing manufacturer and supplier of sports equipment primarily to the institutional markets. The Company offers more than 3,200 products to 35,000 existing customers.

This new release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company has based these forward-looking statements on its current expectations and projections about future events, based on the information currently available to it. The forward-looking statements include statements relating to the company's anticipated financial performance, business prospects, new developments, new strategies and similar matters. The following important factors, in addition to those described in the company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended June 30, 2002, especially in the Risk Factors and the Management's Discussion and Analysis sections, and its Quarterly Reports on Form 10-QSB and its Current Reports on Form 8-K (each of which is available upon request from the company or on the company's website, www.cpacsports.com, under the heading "Investors") may affect the future results of the company and cause those results to differ materially from those expressed in the forward-looking statements; material adverse changes in the economic conditions in the Company's markets including as a result of terrorist attacks; competition from others; and the ability to obtain and retain key executives and employees.

For additional information contact Michael Blumenfeld at 972-243-8100.